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(Alliance News) -Â THG PLC on Wednesday said it has been informed that some shareholders intend to sell a total of 25.5 million shares in the company.
The Hut Group owner, which made its London Stock Exchange debut in September 2020, has been informed by Balderton Capital IV LP that it intends to sell 21.0 million shares via an accelerated bookbuild secondary placing. West Coast Capital Assets Ltd also intends to sell 3.2 shares and other individual shareholders intend to sell 1.3 million shares.
Together, Balderton, West Coast and the other selling shareholders intend to dispose of 25.5 million shares.
The placing will be managed by Barclays Bank PLC, Citigroup Global Markets Ltd, Goldman Sachs International and JP Morgan Securities, acting as joint global co-ordinators, and they will act as joint bookrunners with Jefferies International Ltd.
THG will not receive any proceeds from the placing.
"Each of the sellers is subject to lock-up arrangements which were agreed at the time of THG's initial public offering and described in THG's IPO prospectus. The company and, in the case of certain of the sellers, the company and the joint global co-ordinators, have agreed to waive the sellers' lock-up arrangements with respect to the ordinary shares intended to be sold by the sellers in the placing, provided that the placing completes before 18 January," said THG.
On Tuesday, THG raised its 2021 growth forecast after the luxury brands retailer finished a busy 2020 with a revenue rise of more 50% in its final quarter.
The company said its fourth quarter revenue jumped 51% to GBP558.7 million, from GBP370.0 million a year earlier. The 51% jump topped its forecast of a rise between 40% and 4%%, which itself was raised significantly from 16% to 25% growth.
Shares in THG ended down 1.6% at 785.00 pence in London on Wednesday.
By Lucy Heming;Â lucyheming@alliancenews.com
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