2nd Nov 2015 17:25
LONDON (Alliance News) - Volution PLC Monday said one of its shareholders, Windmill Holdings BV, has sold 38.0 million Volution shares to institutional investors.
Volution made an announcement earlier Monday that said Windmill was set to place around 32.0 million Volution shares, meaning it was "significantly over-subscribed".
Windmill has placed the shares at a price of 160.0 pence and it agreed to a 90-day lock-in for the remainder of its shares.
To put that into perspective, Windmill held a 61.4% stake in Volution prior to the transaction, and now holds 84.8 million Volution shares, representing a 42% in the company after the transaction.
Windmill raised around GBP60.8 million through the transaction.
Volution shares closed down 1.2% to 160.0 pence per share on Monday.
By Joshua Warner; [email protected]; @JoshAlliance
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