(Alliance News) -Â Cerillion PLC on Monday said co-founder Guy O'Connor and Chief Financial Officer Oliver Gilchrist plan to sell shares in the company in response to investor demand.
O'Connor, currently director strategic accounts at Cerillion, intends to sell up to 2.4 million shares and Gilchrist up to 352,895 shares. The placing will be priced at 255 pence each, a 20% discount to Monday's closing price of 319.00p.
In total, the shares represent 9.3% of the billing and customer relations management software firm's issued share capital
The placing will be conducted via an accelerated bookbuild to qualified institutional investors. Liberum is acting as sole bookrunner.
If all the placing shares are sold, O'Connor will no longer hold any shares in the company and Gilchrist will retain a 1.2% stake.
By Lucy Heming;Â lucyheming@alliancenews.com
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Cerillion (CER)