LONDON (Alliance News) - Minds + Machines Group Ltd said Bellone Investment Services Inc sold 1.5 million shares in the company on Thursday.
Bellone is owned by the de Jongh Weill Family Settlement, connected to David de Jongh Weill, a non-executive director at Minds + Machines.
Bellone owns a contract for difference over 3 million shares in Minds + Machines, and was informed by its broker that the trust would be required to either close the CFD position, move it to another counterparty, or fully fund it before the end of October.
As a result, Bellone sold 1.5 million shares with the proceeds used to fully fund the CFD position. CFD's are a form of financial derivative that provide exposure to an underlying security without directly owning it.
Following the transaction, Bellone's holding in Minds + Machines has decreased to 2.1 million shares.
Including Weill's own 2.8 million shareholding, Bellone's 3 million shares under the CFD, and Patrimoine International Ltd's 1 million shareholding, Weill's total interest has decreased to 8.9 million shares, representing 1.1% of the company's issued share capital.
Patrimoine International is a company controlled by Weill.
Shares in Minds + Machines were trading up 1.9% at 9.17 pence Monday morning.
By Karolina Kaminska; karolinakaminska@alliancenews.com @KarolinaAllNews
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