LONDON (Alliance News) - Quixant PLC Monday said it has conducted a placing to sell shares on behalf of several directors and "founder shareholders" of the company in order to satisfy market demand and broaden its institutional shareholder base.
The company said it has placed 4.3 million existing shares in the company, which represents around 6.5% of the existing issued share capital of the business, at a price of 200.0 pence each. That placing price is 8.3% lower than Quixant's closing share price last Friday.
Current Chief Executive Nicholas Jarmany sold over 2.0 million shares, equal to a 3.2% stake in the company, and now holds 14.7 million shares in Quixant, leaving him with a 22.8% stake.
Manufacturing Director Chen Tai Lin sold 559,878 shares, equal to a 0.9% stake, and now has over 4.0 million shares in the business, giving him a 6.2% stake.
Global Sales Director Gary Mullins offloaded 495,081 shares, or a 0.8% stake in Quixant, leaving him with over 3.5 million shares in the company, or a 5.5% stake.
Quixant said the placing also sold shares on behalf of two "founder shareholders." The company said John Mullins sold 593,494 shares, equal to a 0.9% stake, leaving him with around 4.3 million shares in the company, giving him a 6.6% stake.
The other founding shareholder, Alex Taylor, sold 230,435 shares, representing a 0.4% stake, which leaves him with 2.4 million shares in Quixant, equal to a 3.7% stake.
The placing comes less than two weeks after Quixant, which makes platforms and monitors for gaming and slot machines, reported a 9.8% lift in pretax profit in its last financial year to GBP7.8 million, after it managed to grow revenue by 31%.
That allowed the company to increase its dividend for 2015 by 25% year-on-year to 1.5 pence.
Quixant shares were trading up 0.9% to 220.0 pence per share on Monday morning.
By Joshua Warner; joshuawarner@alliancenews.com; @JoshAlliance
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