12th May 2016 11:59
LONDON (Alliance News) - Keywords Studios PLC Thursday said its co-founder Giorgio Guastalla and Chief Executive Officer Andrew Day plan to sell around GBP14.0 million shares in the company through an accelerated bookbuild.
PEQ Holdings Ltd, the holding company of the founders of Keywords led by Non-Executive Director Guastalla, alongside Day, plan to sell up to 4.0 million shares and 1.5 million shares, respectively.
The combined total of up to 5.5 million shares is equal to 10.2% stake in Keywords. This is the first sale of shares by either PEG or Day since the company's IPO in June 2013 and the sellers are subject to a lock-up agreement for their remaining shares lasting up to a year following completion of the sale.
The shares are being offered to institutional investors via a bookbuild with Numis Securities and finnCap acting as joint brokers.
"The proposed sale will enable Keywords to satisfy institutional demand for the group's shares and broaden our shareholder base, whilst also allowing Giorgio to diversify his family's portfolio of investments which has substantively been in Keywords since he and his wife founded the business in 1998," Day said.
Keywords is a technical services provider to the video games industry, providing localization services such as translation.
The stock was up 0.7% at 255.25p Thursday.
By Arvind Bhunjun; [email protected]; @ArvindBhunjun
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