6th Aug 2018 17:29
LONDON (Alliance News) - Fevertree Drinks PLC said Monday Founders Charles Rolls and Tim Warrillow intend to sell 2.0 million shares via a placing to institutional investors.
The company said that Rolls and Warrillow, executive deputy chairman and chief executive officer, respectively, are placing 1.0 million shares each in response to institutional demand.
Investec Bank PLC is acting as sole bookrunner for the placing. The final number of placing shares and the price at which the shares will be placed will be agreed by Investec and the two founders.
Shares in Fevertree closed up 1.4% Monday at 3,680.00 pence each.
The placing shares represent about 1.7% of Fevertree's issued share capital.
In order to partially source some of the placing shares, the two men intend to exercise options over 275,820 shares each at an exercise price of 134p per share.
Rolls will continue to have an interest in 9.2 million shares in the company, representing 8.0% stake, while Warrillow will continue to hold an interest in 5.5 million shares, representing 4.7% holding.
Fevertree will not receive any proceeds from the placing.
Related Shares:
Fevertree