(Alliance News) - Belvoir Group PLC said Friday that founder and former chair Mike Goddard will sell up to 2.0 million shares in the company for no less than 150 pence each.
The shares to be sold reflects a 5.7% interest in Belvoir's issued share capital, and the placing price suggests the shares will be sold for a minimum of GBP3.0 million in total.
Shares in the property franchise group were down 4.6% at 155.00 pence on Friday in London.
The final number of shares to be placed will be decided by both Goddard and finnCap, which is the sole bookrunner for the placing. In addition, Belvoir said it does not know when the bookbuilding process will end, or if it will even be completed.
Should all shares be sold, Goddard will hold 203,862 shares in Belvoir altogether.
By Dayo Laniyan; dayolaniyan@alliancenews.com
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