UPDATE: Teleios sells 5.3% stake in Glenveagh Properties in placing

Glenveagh Properties PLC - Kildare, Ireland-based housebuilder - Teleios Capital Partners LLC sells a 5.3% stake in Glenveagh through a placing run by J&E Davy and Jefferies as joint global coordinators and joint bookrunners. Acting through Teleios Global Opportunities Master Fund Ltd, the Zug, Switzerland-based investment manager sells 28.4 million Glenveagh shares at EUR1.77 per share, worth EUR50.2 million. Teleios retains 85.5 million shares, a 16.1% stake.

As part of the initial announcement of the placing late Tuesday, Glenveagh Properties said it intended to buy back for cancellation at least 10% of the shares being sold by Teleios. Early Wednesday, it confirms it bought 4.5 million of the shares from Jefferies. Glenveagh, which has been buying back shares since September last year, says it now has 526.1 million in issue.

Current stock price: EUR1.83, down 3.7% in London on Wednesday

12-month change: up 15%

By Tom Waite, Alliance News editor

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