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(Alliance News) - Peel Hunt LLP on Thursday said Telecom Plus Chair Charles Wigoder, the Wigoder Family Foundation and Non-Executive Director Melvin Lawson intend to sell a total of 2.5 million shares in the utilities supplier.
The shares - which represent around 3.2% of Telecom Plus's share capital - are being offered by way of an accelerated bookbuild in which Peel Hunt and Numis Securities Ltd are acting as joint bookrunners.
Prior to the placing, Wigoder had a 15% stake, the foundation held 5.2% and Lawson had a 2.7% stake. The remainder of Telecom's shares held by the three parties following the placing will be subject to a lock-up which ends 12 months after completion of the placing.
Telecom Plus will not receive any proceeds from the sale of shares.
The stock closed 2.0% lower at 1,446.00 pence each on Thursday in London, and 4.9% lower than at the start of the year.
By Ife Taiwo; ifetaiwo@alliancenews.com.
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