22nd Apr 2016 06:15
LONDON (Alliance News) - Numis Securities Ltd on Friday said Acromas Bid Co Ltd has sold its entire 32% stake in Saga PLC, which sells products such as insurance and holidays for people over 50 years old, through a placing to institutional investors.
Numis said the 352.7 million shares were placed at a price of 195.00 pence per share, giving the shareholding being sold a value of GBP687.7 million. The shares were placed at a discount to the closing price of the shares on Thursday, which was 201.40p.
Following the placing, which is expected to be settled on April 26, Acromas will no longer hold any stake in Saga.
Acromas is owned by Charterhouse Capital Partners, CVC Capital Partners and Permira, the private equity firms which were behind floating Saga on the London Stock Exchange in May 2014.
The shares were offered through an accelerated bookbuild, with the books opening late on Thursday. Numis acted as the sole bookrunner.
Numis said Non-Executive Chairman Andrew Goodsell agreed to purchase 2.6 million of the shares placed by Acromas.
By Hannah Boland; [email protected]; @Hannaheboland
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