16th Jan 2017 07:51
LONDON (Alliance News) - Peel Hunt LLP on Monday confirmed LSF9 Concrete II Ltd has sold an 11.5% stake in UK-listed brick maker Forterra PLC, more than originally anticipated.
Peel Hunt had said on Friday that LSF9 Concrete II would sell 20.0 million Forterra shares, or a 10% stake in the company.
But on Monday, the broker said the shareholder sold 23.0 million shares at 170.00 pence per share, a transaction worth GBP39.1 million. Shares in Forterra closed at 180.00p on Friday.
Peel Hunt was a joint bookrunner on the disposal, together with Numis Securities Ltd.
On Friday, Forterra had reported good demand for its bricks in November and December and said its 2016 results will hit its expectations.
By Sam Unsted; [email protected]; @SamUAtAlliance
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