12th Feb 2015 16:52
LONDON (Alliance News) - Intel Foundation is selling up to 13.4 million shares in Imagination Technologies Group PLC, which constitutes a 4.9% stake in the company, according to a statement released by JP Morgan Securities PLC.
The Intel Foundation was established by US chip maker Intel Corp in 1989 with the aim of funding educational and charitable programs.
The shares held by the Intel Foundation were gifted to it by Intel Capital Corp. If the entire stake is sold, then neither the Intel Foundation nor Intel Capital would have any remaining holding in the company.
JP Morgan Cazenove, the UK investment banking unit of JP Morgan Securities, has been appointed as sole bookrunner of the accelerated bookbuild placing.
Baillie Gifford & Co Ltd is Imagination Technologies' largest shareholder, with a 12.9% stake, followed by Prudential PLC, with an 11.8% stake. Apple Inc owns 8.5% of the company, while AXA Investment Management holds 7.56%, and Newton Investment Management owns 6.4%.
Imagination Technologies shares closed up 3.1% at 265.00 pence on Thursday.
By Samuel Agini; [email protected]; @samuelagini
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