(Alliance News) - Funds managed by LDC Managers Ltd have sold around GBP19.2 million in shares in Team17 Group PLC through a placing, Joh Berenberg Gossler & Co KG said on Friday.
LDC Managers is a subsidiary of Lloyds Development Capital Holdings Ltd, a private equity firm and subsidiary of FTSE 100-listed Lloyds Banking Group PLC.
The funds sold 6.0 million shares at a price of 320 pence per share through an accelerated bookbuild, after agreeing with sole bookrunner Berenberg to increase the placing size from the 5.0 million originally proposed.
The proposed placing was first announced on Thursday.
Shares in the video game developer were up 0.7% at 354.90 pence on Friday in London.
The shares sold reflect a 4.6% stake in the company, and following the sale the LDC-managed funds will hold 8.6 million shares overall, representing a 6.5% holding in Team17.
Since the company itself was not a party to the placing, it will receive no proceeds from it.
By Dayo Laniyan; dayolaniyan@alliancenews.com
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Team17 (TM17)