27th Nov 2019 09:32
(Alliance News) - Members of Future PLC's management team, and some former employees, have sold 3.1 million shares in the magazine publisher, Numis Securities said Wednesday.
Numis explained that nil-cost options over 3.1 million shares in the company, which were granted to the senior management team under the company's performance share plan in 2016 and 2017 and vested on Saturday, have been exercised.
The shares represent, in total, around 3.2% of Future's issued share capital.
The placing, carried out by RBC cees Trustee Ltd - which acting as trustee of the Future Employment Benefit Trust - raised gross proceeds of GBP43.7 million. Cees stands for Corporate Employee & Executive Services, part of Royal Bank of Canada's wealth management group.
The shares were priced at 1,400 pence. Future was trading 11% lower in London on Wednesday morning at 1,404.00p.
Chief Executive Zillah Byng-Thorne and Chief Financial Officer Penny Ladkin-Brand sold about 1.0 million shares and 550,000 shares respectively, "in part to satisfy certain tax obligations and other costs associated with the vesting of the options".
The other sellers, comprising 17 individuals employed or previously employed by Future, sold about 1.5 million shares in aggregate.
Following the placing, Byng-Thorne and Ladkin-Baird hold an interest in 450,053 and 511,692 shares, respectively. Each represent about 0.5% of Future's issued share capital.
Numis Securities and NplusOne Singer Capital Markets acted as joint bookrunners for the placing.
By Paul McGowan; [email protected]
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