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(Alliance News) - Telecom Plus PLC Chair Charles Wigoder, the Wigoder Family Foundation, and a number of other smaller shareholders will sell 3.5 million shares in the company, Peel Hunt Ltd said on Monday.
The London-based investment bank said the shares, which represent approximately 4.4% of Telecom's total share capital, will be sold through an accelerated bookbuild - or placing.
Telecom Plus shares closed 0.2% lower at 2,404.27 pence each in London on Monday. At current prices, the shares to be sold are worth GBP84.1 million in total.
The price per placing share is yet to be determined, and will be decided during the accelerated bookbuild process.
The placing launched on Monday, with Peel Hunt and Numis Securities Ltd acting on behalf of the selling shareholders.
The remainder of Telecom's shares held by Charles Wigoder and the Wigoder Family Foundation following the placing will be subject to a lock-up, which ends six months after the completion of the placing.
By Holly Beveridge; hollybeveridge@alliancenews.com
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