27th Mar 2024 10:00
(Alliance News) - Shares in TI Fluid Systems PLC fell sharply on Wednesday after an investor sold a block of shares at a heavily discounted price.
Shares in TI Fluid slid 16% to 142.26 pence in London on Wednesday morning.
Broker Peel Hunt said BC Omega Holdco Ltd has sold 50.0 million shares in TI Fluid at 135p each by way of any accelerated bookbuild to institutional investors, raising GBP67.5 million.
The disposal was upsized from an original intention to sell around 30 million shares.
Following the transaction, BC Omega now holds an around 28% stake in TI Fluid, down from around 37% before.
BC Omega Holdco is an entity indirectly controlled by investment funds advised by Bain Capital LP or its affiliates.
Peel Hunt LLP acted as sole global co-ordinator and bookrunner in connection with the placing.
TI Fluid Systems will not receive any proceeds from the placing.
By Jeremy Cutler, Alliance News reporter
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