6th Nov 2019 09:49
(Alliance News) - Shares in fire safety and smoke control firm ScS Group PLC fell Wednesday as a major shareholder sold a significant part of its holding.
London-based ScS shares were 5.9% lower at a price of 224.00 pence each.
After the market close in London on Tuesday, Shore Capital Stockbrokers Ltd said Parlour Products Holdings Lux Sarl wanted to sell 5.4 million ScS shares, worth 13% of the company.
Shore on Wednesday confirmed Parlour Products disposed of 6.3 million shares at a price of 220 pence each, for GBP13.8 million in total. ScS received no proceeds from the sale.
With 40 million shares in issue, the 6.3 million shares represent a 16% stake. Following the sale, Parlour Products owns 9.9 million shares, or 25% of ScS.
On Tuesday, ScS had said it might take part in the sale by buying back and cancelling some of the shares, but Shore did not say on Wednesday whether or not this had occurred.
By George Collard; [email protected]
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