26th Jan 2017 17:13
LONDON (Alliance News) - Oaktree Capital Management LLC is selling up to a 10% stake in Countryside Properties PLC in a share placing, Barclays Bank PLC said on Thursday.
Shares in Countryside closed up 0.3% at 238.70 pence on Thursday.
The placing price for the shares will be agreed after the close of the accelerated bookbuild process, but at the closing price, the sale of up to 45.0 million shares should result in proceeds of GBP107.4 million.
Barclays said the placing has been launched immediately, with Numis Securities Ltd and Barclays Bank acting as joint bookrunners and Peel Hunt LLP as lead manager for Oaktree.
The remainder of Countryside's shares held by Oaktree will be subject to a lock-up which ends 90 days after the placing has completed. Oaktree currently owns 56% of Countryside, according to Morningstar, so the sale of a 10% stake would reduce its holding below a majority.
By Hannah Boland; [email protected]; @Hannaheboland
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