4th Aug 2016 16:07
LONDON (Alliance News) - UK private equity firm Inflexion intends to sell its 7.7% stake in On The Beach Group PLC in a share placing, some 10.0 million On The Beach shares, Numis Securities Ltd said late Thursday .
The On The Beach shares are being offered via an accelerated bookbuild which launched on Thursday afternoon, Numis Securities said.
The remainder of Inflexion's On The Beach shares will be subject to a 90-day lock-up following the placing, Numis Securities said.
Inflexion currently holds 48.4 million shares in On The Beach, according to Morningstar, at 37.1% stake, suggesting it will retain just under 30%. That will leave Inflexion as the company's largest single shareholder by some distance. On The Beach Chief Executive Officer Simon Cooper is the second largest holder with a 10.9% stake, according to Morningstar.
The final number of shares to be placed and the price at which the shares are to be placed will be agreed at the close of the bookbuild process.
Numis Securities and Joh Berenberg, Gossler & Co are joint bookrunners for the placing, and Numis Securities is also acting as sole global coordinator.
Shares in On The Beach closed up 2.6% at 237.00 pence on Thursday.
By Hannah Boland; [email protected]; @Hannaheboland
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