LONDON (Alliance News) - Finnish packaging company Powerflute Oyj said Monday one of its two main shareholders Bacchantes Ltd has sold 25 million shares at a price of 80.00 pence per share.
Powerflute said following the placing, Bacchantes holds 36 million shares, representing 13% of the shares in issue. Bacchantes is a holding vehicle owned by the brother of Powerflute Chairman Dermot Smurfit, Sir Michael Smurfit.
Prior to the placement, Dermot Smurfit and Bacchantes had together owned around 36% of the company.
Powerflute said Bacchantes and Dermot Smurfit have agreed that they and their connected persons will not dispose of shares in the company for a period of at least six months, following completion of the placement.
Shares in Powerflute closed down 2.1% at 82.256 pence on Monday.
By Hannah Boland; hannahboland@alliancenews.com; @Hannaheboland
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