Glenveagh to buy EUR10 million shares as part of Teleios stake sale

(Alliance News) - Teleios Capital Partners LLC on Thursday said Teleios Global Opportunities Master Fund Ltd intends to sell a 16.6% stake in Maynooth, Ireland based homebuilder, Glenveagh Properties PLC.

The sale of 12 million shares will be conducted by way of an accelerated bookbuilding process to institutional investors.

At Thursday's closing Glenveagh Properties share price of EUR2.27 the shares will be worth EUR27.2 million.

Glenveagh said it intends to participate in the placing by buying shares worth around EUR10 million as part of the ongoing buyback programme.

J&E Davy has been appointed as sole bookrunner in connection with the placing.

By Jeremy Cutler, Alliance News reporter

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