11th Apr 2019 10:22
LONDON (Alliance News) - IT solutions provider Instem PLC on Thursday said that some of its shareholders divested a 10.2% stake in the company via a secondary placing.
Shareholders, including DG 2008 Discretionary Settlement of which Chair David Gare and his wife are trustees and Non-Executive Director David Sherwin, sold 1.7 million shares in the company at 290 pence each.
The company received no proceeds from the share sale.
Instem shares were trading down 6.6% at 308.19 pence each.
The selling shareholders, who will collectively still retain 16.2% of the company's issued share capital, have no intention of making any further sales for at least a year, Instem added.
DG 2008 sold 580,000 shares while Sherwin sold 200,000 shares. DG 2008 retains 578,427 shares, or a 3.56% stake, in the company and Sherwin now holds 1.2 million shares, or 7.26%.
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