20th Sep 2019 12:18
(Alliance News) - Trainline PLC on Friday said KKR Victoria Aggregator LP will reduce its representation on the Trainline board following reduction of its shareholding.
Franziska Kayser, who was appointed to the board of Trainline on behalf of KKR, will step down with immediate effect. Meanwhile, Philipp Freise will remain KKR's representative on the board of the digital rail and coach platform.
Earlier on Friday, KKR and other selling shareholders said they have sold a total of 65.5 million Trainline shares.
The shares were sold via an accelerated bookbuild to institutional investors at a price of 435 pence per share, raising gross proceeds of GBP285 million. No proceeds from this placing of existing shares will be received by Trainline.
Trainline shares were trading 5.6% lower on Friday in London at 441.00p each, giving it a market capitalisation of GBP2.12 billion.
JP Morgan Securities PLC, Morgan Stanley & Co International PLC and KKR Capital Market Ltd acted as joint bookrunners.
Following the completion of the placing, KKR will hold 59.6 million Trainline shares, representing s 12% interest. The other selling shareholders - including funds managed by Index Ventures, Ares, Alven Capital - together will hold 5.8 million Trainline shares, about 1.2% stake.
The placing represented the sale by each seller of 50% of its shares in Trainline.
At the beginning of September FTSE Russell confirmed that Trainline will become a constituent of the FTSE 250 index. The move will be effective from the market open on Monday next week.
Related Shares:
Trainline