(Alliance News) - JPMorgan Securities PLC confirmed early Thursday that Chair Eduardo Hochschild sold a 12% in Hochschild Mining PLC, banking GBP123 million.
Hochschild sold 61.7 million shares via Pelham Investment Corp at 200 pence per share, 15% below the stock's closing price on Wednesday of 235.59 pence each. The miner was quoted around the placing price early Thursday, at 200.58p.
Following the sale, run by JPMorgan, Hochschild will still own 197 million shares in the miner, a 38% stake.
Hochschild is a precious metals miner with projects throughout the Americas.
"Hochschild's family founded Hochschild Mining over one hundred years ago and he remains committed to the company in the long-term. Nevertheless, Hochschild believes now is an appropriate moment to recycle some capital from his holding in the company to facilitate investments elsewhere across his existing businesses and in new opportunities," JPMorgan noted after the market close on Wednesday when sale plan was first announced.
By Tom Waite; thomaslwaite@alliancenews.com
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Hochschild (HOC)