Mitie Group PLC - Glasgow-based facilities management - GLAS Trust Corp Ltd sells 149.0 million Mitie shares, a 10.5% stake, at 51 pence, worth GBP76.0 million, says Jefferies International Ltd, the global coordinator and bookrunner for the offer. The offer was first announced after the London market close on Wednesday. GLAS now has no holding in Mitie, which says it agreed to release GLAS from the lock-up agreement made at the time of Mitie's acquisition of Interserve Facilities Management.
Interserve was a former London listing that fell into administration in 2019. In June of last year, Mitie agreed to buy Interserve's facilities management division for GBP271 million, a price later reduced to GBP190 million. Mitie says How Group Ltd holds a 7% stake, and these shares remain held in escrow against any indemnity claims or fine that might result from a cyber security breach that occurred at Interserve Facilities Management in 2020.
Current stock price: 56.80p
Year-to-date change: up 39%
By Tom Waite; thomaslwaite@alliancenews.com
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