Card Factory Share News (CARD)

Card Factory said on Friday that certain directors and members of its senior management team plan to sell around 7.4m shares in the company via an accelerated bookbuild placing.The placing represents around 2.2% of the issued share capital of Card Factory an will be managed by UBS, acting as sole bookrunner.The amount of the placing proceeds and the placing price will be decided at the close of the accelerated bookbuilding period.Under the terms of the agreement, the selling shareholders have agreed they will not dispose of further shares in the company for a period of at least three months.The books for the placing will open with immediate effect, and pricing and allocations are expected to be announced as soon as practicable following the closing of the books.Following the placing, chief executive officer Richard Hayes will retain a stake of about 3.8% in the company, while chief financial officer Darren Bryant will retain an interest of about 1.9%.