Last checked at 29 May 2019 07:05
News release
29 May 2019
Breedon Group plc
("Breedon" or the "Group")
Intended Sale of Shares
Following the announcement earlier today regarding Peter Tom's decision to retire from the Board with immediate effect and to be succeeded by Amit Bhatia as Non-Executive Chairman, Mr Tom has informed the Group of his intention to sell approximately 22 million shares in the issued share capital held on his behalf by Hermco Property Limited (the "Sale Shares"), representing 1.3 per cent. of the issued share capital.
Abicad Holding Limited ("Abicad"), where Mr. Bhatia is a representative director, who currently own 17.78 per cent. of the issued share capital, announces its intention to purchase a minimum of 10 million of the Sale Shares at a price of 72.0 pence per ordinary share. Furthermore, Abicad has stated that it would be willing to purchase up to 22 million Sale Shares at the same price.
The sale of shares reflects the Board's desire to continue to broaden Breedon's share register in support of its ongoing growth strategy and Abicad's willingness to purchase the Sale Shares reinforces its long-term commitment to the Group.
Breedon is not a party to the Sale and will not receive any proceeds from the Sale.
This announcement contains inside information.
Enquiries:
Breedon Group plc www.breedongroup.com
Pat Ward, Group Chief Executive 01332 694010
Rob Wood, Group Finance Director
Stephen Jacobs, Head of Communications 07831 764592
Cenkos Securities plc (NOMAD and Joint Broker)
Max Hartley 020 7397 8900
Numis Securities (Joint Broker)
Ben Stoop 020 7260 1000