Source - Alliance News

The chair of Telecom Plus PLC and various family interests sold 3.5 million shares, or a £84 million stake, in the company on Tuesday, according to Peel Hunt Ltd.

The shares were sold by Non-Executive Chair Charles Wigoder, the Wigoder Family Foundation and other small shareholders, including Wigoder family members.

The shares were sold at a price of 2,400.00 pence per share, equating to £84 million in total equity value. The placing proceeds are payable in cash and is expected to close on Thursday.

Shares in Telecom Plus were down 3.7% to 2,345.50p each in London on Tuesday at midday.

Before the placing, Charles Wigoder held 7.4 million Telecom Plus shares, a 9.4% stake.

The remainder of Telecom Plus shares held by Charles Wigoder and the Wigoder Family Foundation following the placing will be subject to a lock-up, which ends six months after the completion of the placing.

Peel Hunt confirmed 4.4% of the London-based multi-utility provider’s issued share capital was placed through an accelerated bookbuild on Tuesday, with Peel Hunt and Numis Securities acting for the selling shareholders.

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