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LONDON (Alliance News) - Volution PLC Monday said one of its shareholders, Windmill Holdings BV, has proposed placing 32.0 million Volution shares with institutional investors.
The shares represent around 16% of Volution's issued share capital and the placing will be conducted by an accelerated bookbuild run by Liberum Capital Ltd, which has been launched immediately. Windmill has agreed to a 90-day lock-in for the remainder of its shares.
To put that into perspective, Windmill currently holds a 61.4% stake in Volution, according to the company's website.
The final number of placing shares and the price will be agreed by Liberum and Windmill at the close of the bookbuild process, and the results of the placing will be announced "as soon as practicable thereafter."
The timing for the close of the bookbuild process shall be at the absolute discretion of Liberum. Windmill reserves the right to sell a greater or lesser number of shares through the placing.
Volution shares were down 7.0% to 150.74 pence per share on Monday afternoon.
By Joshua Warner; joshuawarner@alliancenews.com; @JoshAlliance
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