Capital Drilling has announced that certain directors and founding shareholders intend today to sell approximately 25,000,000 ordinary shares at 48p apiece.
The shares represent approximately £12 million in value and 18.5% of the issued share capital of the company.
The vendors are undertaking the placing in response to institutional demand for the placing shares and in order to increase the company's free float and facilitate more liquidity in the trading of the company's shares. The vendors each propose to sell such number of placing shares as is pro rata to their existing shareholding in the company.
At 8:08am: (LON:CAPD) Capital Drilling Ltd share price was -0.88p at 50.13p