10th Feb 2020 17:57
(Alliance News) - The undisclosed shareholder of ScS Group PLC said Monday it intends to sell its entire holding of 9.9 million of ordinary shares, representing approximately 26% of the company's share capital.
ScS Group shares closed 10% lower in London at 228.00 pence each on Monday.
The placing shares are being offered by way of an accelerated bookbuild, with Shore Capital Stockbrokers Ltd acting as sole bookrunner for the seller.
Any remainder, if any, of the company's ordinary shares held by the seller following the placing will be subject to a lock-up which ends 90 days after completion of the placing.
Under the relationship agreement that the seller has with the company, if the seller's holding goes below 15%, the seller will lose its right to nominate one director as its representative on the board.
The seller confirmed that if its holdings goes below 15%, Paul Dacus, who is the seller's representative on the board, intends to resign as a director of the company.
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, the company noted.
By Loreta Juodagalvyte; [email protected]
Copyright 2020 Alliance News Limited. All Rights Reserved.
Related Shares:
SCS.L