23rd Dec 2019 10:23
(Alliance News) - Funds advised by UK private equity firm Lion Capital LLP intend to sell up to GBP18.9 million in Loungers PLC shares through a placing, Peel Hunt LLP said Monday.
The funds will sell up to 9.0 million shares at a price of 210 pence per share through an accelerated bookbuild, for which Liberum Capital Ltd and Peel Hunt will act as joint bookrunners.
Shares in the Bristol-based bar and cafe owner were untraded on Monday, last quoted at 210p in London. It has a market capitalisation of GBP194.3 million.
The maximum amount of shares to be sold represents 9.7% of the company's issued share capital.
The remainder of the company's shares held by Lion after the placing will be subject to a lock-up that will end three months after.
Loungers will receive no proceeds from the sale, as it is of existing shares.
By Dayo Laniyan; [email protected]
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