(Alliance News) - Watkin Jones PLC shareholders sold a block of shares at a discount in an accelerated bookbuild, Peel Hunt LLP confirmed on Friday.
Two sellers - Glyn & Jennifer Watkin Jones 1992 A&M Settlement, and Watkin Jones Legacy Fund - sold 25.0 million shares for 210 pence each, a total of GBP52.5 million. That's a discount of 12% to Thursday's closing price of 238.50p. The placing plan was announced after market close on Thursday.
Shares in Watkin Jones, a London-based property developer, were down 8.0% to 219.50p in London on Friday morning.
The sellers are family holdings of which former chief executive Mark Watkin Jones is a trustee. They sold the shares to raise funds for his other business ventures, a company spokesperson told Alliance News.
Mark Watkin Jones stepped down from the company in 2019 and now runs Watkin Property Ventures.
The two trusts and Mark Watkin Jones own a total of 20.6 million shares in Watkin Jones following the sale, an 8.0% stake.
By Ivan Edwards; ivanedwards@alliancenews.com
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Watkin Jones (WJG)