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(Alliance News) - Broker Peel Hunt LLP on Wednesday said Capital Drilling Ltd founder Craig Burton is to sell shares worth 2.9% of the company.
The 4.0 million shares will be sold in a bookbuild, run by Peel Hunt and Tamesis Partners LLP, and the price will be determined once the bookbuild has closed.
Mining services firm Capital Drilling will not get any proceeds from the placing, as it is of existing shares. The stock was 6.2% lower on Wednesday morning at 59.10 pence, and at that price, the sale would net Burton GBP2.4 million.
Burton stepped down as a non-executive director at the company in the summer of 2018.
In 2016, Burton sold 7.7 million Capital Drilling shares at 48.0p, alongside other directors, reducing his holding to 15%. The directors sold shares to increase Capital Drilling's free float.
In April this year, he sold 10 million further shares, giving him a 7.9% stake at the time.
By George Collard; georgecollard@alliancenews.com
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