LONDON (Alliance News) - Former members of Team17 Group PLC's management team will be selling their entire holding in the company, Joh Berenberg, Gossler & Co KG announced on Thursday.
Shares in the video game developer closed down 4.4% at 250.00 pence.
Paul Bray and Kelvin Aston, who left the company following its initial public offering and are not involved in Team17's management, will sell their shares through a placing of up to 8.6 million existing shares in Team17, equivalent to a 6.6% stake.
Berenberg, which will act as sole bookrunner and placing agent, said the share will be placed with institutional investors via an accelerated bookbuild. The price of the shares, if known, has not been disclosed. Based on their Thursday closing price of 250p, the shares were worth approximately GBP21.5 million.
Once the shares are sold, neither Bray nor Aston will have any remaining shares in Team17. Team17 itself will receive no proceeds from the placing.
Team17 (TM17)