LONDON (Alliance News) - Applegreen PLC on Wednesday said an entity directly controlled by its chief executive officer and chief operating officer plans to sell up to a 7.5% stake in the company via a placing.
The Irish petrol forecourt retailer said that B&J Holdings Ltd, which is controlled by CEO Bob Etchingham and COO Joe Barrett, will sell up to 6 million shares at EUR4.50 or 383 pence per share in a placing, equivalent to a 7.5% stake.
Shares in Applegreen closed at 415.00 pence Tuesday in London.
Applegreen said the placing was as a result of strong investor demand, and was intended to increase liquidity in the company's shares. If all of the placing shares are sold, B&J will continue to hold 48.1 million shares, or a 60% stake in the company.
Shore Capital Stockbrokers Ltd and Goodbody Stockbrokers are acting as joint bookrunners on the placing.
By Hana Stewart-Smith; hanassmith@alliancenews.com; @HanaSSAllNews
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