19th Apr 2016 15:59
LONDON (Alliance News) - The two outgoing directors of Eurocell PLC are set to sell up to a 4.8% stake in the company to institutional investors through an accelerated bookbuild.
Outgoing Chief Executive Patrick Bateman and outgoing Chief Financial Officer Matthew Edwards are, in aggregate, set to sell up to 4.8 million shares in the company. If all those shares are sold, then the pair would be offloading a 4.8% stake.
The placing is being conducted by means of an accelerated bookbuild, which will close no later than April 20. Canaccord Genuity, which released the statement Tuesday, and Peel Hunt are acting as joint bookrunners.
Both directors will not sell any further shares in the company for 90-days following the placing.
Bateman is leaving his role as CEO at the start of July after Eurocell brought forward the handover date earlier this year for incoming CEO Mark Kelly to takeover at the helm of the company a month earlier than originally planned. Bateman stepped down from his role back in January.
Eurocell shares were untraded on Tuesday, last trading at 195.75 pence per share.
By Joshua Warner; [email protected]; @JoshAlliance
Copyright 2016 Alliance News Limited. All Rights Reserved.
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