(Alliance News) - Funds advised by UK private equity firm Lion Capital LLP have sold GBP18.9 million in Loungers PLC shares through a placing, Peel Hunt LLP said Monday.
The funds have sold 9.0 million shares at a price of 210 pence per share through an accelerated bookbuild, for which Liberum Capital Ltd and Peel Hunt acted as joint bookrunners.
The shares sold represents 9.7% of the Loungers's issued share capital.
Shares in the Bristol-based bar and cafe owner were up 0.5% at 210.96 pence on Monday in London. It has a market capitalisation of GBP195.1 million.
Following the placing, the Lion-advised funds now hold 29% of the issued share capital in Loungers, and are subject to a lock-up that will end three months after the placing.
Loungers will receive no proceeds from the sale, as it is of existing shares.
By Dayo Laniyan; dayolaniyan@alliancenews.com
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