8th Apr 2014 11:20
LONDON (Alliance News) - Oaktree Capital Management LP said Tuesday it sold its entire shareholding in Stock Spirits Group PLC on Monday, representing a 36.8% stake of the company, for gross proceeds of roughly GBP202.6 million.
Oaktree had said on Monday that it was planning to sell a 25% stake in the central and eastern Europe spirits producer via an accelerated bookbuild secondary placing with institutional investors. It said it would offer about 50 million shares, two thirds of its total shareholding in Stock Spirits.
However, on Tuesday, Oaktree said it had instead sold its entire 36.8% shareholding, a total of 73.7 million shares, at a price of GBP2.75 per share, in the placing with institutional investors.
Shares in Stock Spirits were off 11% at midday, trading at 272.50 pence per share.
As Oaktree no longer holds any shares in Stock Spirits, it said that Karim Khairallah, a director of Stock Spirits appointed by Oaktree, has stepped down from the company's board.
JP Morgan Cazenove and Nomura acted as joint bookrunners and placing agents to Oaktree for the placing.
Oaktree is listed on the New York Stock Exchange.
By Rowena Harris-Doughty; [email protected]; @rharrisdoughty
Copyright © 2014 Alliance News Limited. All Rights Reserved.
Related Shares:
STCK.L