5th Aug 2016 06:55
LONDON (Alliance News) - UK private equity firm Inflexion sold a 7.7% stake in On The Beach Group PLC in a share placing, disposing of 10.0 million shares in the holiday operator, Numis Securities Ltd said on Friday.
Numis had said late on Thursday that Inflexion was looking to sell up to a 7.7% stake in an accelerated bookbuild, and the placing closed on Friday with Inflexion having sold all the shares intended. The On The Beach shares were sold at 215 pence per share to raise GBP21.5 million.
The travel stock closed down 9.2% at 215.32p on Thursday.
Numis Securities said Inflexion will hold 38.4 million On The Beach shares following completion of the placing or a 29.5% stake in On The Beach.
The remainder of Inflexion's On The Beach shares will be subject to a 90-day lock-up following the placing, Numis Securities said.
Numis Securities and Joh Berenberg, Gossler & Co acted as joint bookrunners for the placing, and Numis Securities was also the sole global coordinator.
By Hannah Boland; [email protected]; @Hannaheboland
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