LONDON (Alliance News) - Curtis Banks Group PLC said on Thursday that its management intends to sell 7.1 million shares at a price of 280.25 pence per share, at a total of GBP20.0 million.
Shares in the financial services company were down 11% at 300.10 pence on Thursday.
Founder and strategic advisor Chris Banks will sell 5.9 million shares, Chief Executive Officer Rupert Curtis will sell 1.0 million shares and Chief Financial Officer Paul Tarran will sell 300,000 shares, collectively representing 13% of Curtis Banks's issued share capital.
The placing is being conducted through an accelerated bookbuild, of which Peel Hunt LLP will act as sole bookrunner.
The company will not receive any proceeds from the placing, as it is not party to it.
