5th Nov 2019 17:59
(Alliance News) - Parlour Product Holdings LUX Sarl on Tuesday said it will sell at least 5.4 million of ScS Group PLC shares, representing a 13% stake, through a share placing.
Shore Capital Stockbrokers Ltd is acting as sole bookrunner for Parlour in connection with the placing. Any remainder of ScS Group's shares held by Parlour following the placing will be subject to a lock-up which ends 90 days after completion of the placing, the broker noted.
The final number of placing shares to be placed, and the price at which the placing shares are to be placed, will be agreed by the sole bookrunner and the seller at the close of the bookbuild process.
In turn, ScS Group said it intends to participate in the placing and acquire a maximum of 2.0 million of its shares, representing a 5.0% stake.
The building engineering services provider said it will cancel the repurchased shares.
"The company has decided to participate in the placing given its significant cash resources and the cash generative nature of the business," ScS Group said in its statement Tuesday.
The stock closed 1.3% higher in London on Tuesday at 238.00 pence a share.
By Evelina Grecenko; [email protected]
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