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LONDON - PSC UK Pty Ltd, a wholly owned subsidiary of the Ardonagh Group, announced Wednesday its intention to sell its entire shareholding of approximately 3.6 million ordinary shares in B.P. Marsh & Partners Plc through an accelerated bookbuild placement.
The shares are being offered to institutional investors at a price of 650 pence per share, according to a company press release. The placement represents approximately 9.8% of B.P. Marsh’s issued share capital, excluding treasury shares.
B.P. Marsh has indicated interest in purchasing up to 769,231 shares in the placement, in accordance with existing buyback authorities granted at its Annual General Meeting held on June 2. Any repurchased shares would be held in treasury at the company’s discretion for later reissue or cancellation.
Panmure Liberum Limited is acting for the selling shareholder in connection with the placement, which launched immediately following the announcement and may close at any time on short notice.
The selling shareholder has undertaken not to dispose of any further B.P. Marsh shares for a period of 60 days following completion of the placement, should it retain any interest in the company, subject to certain exceptions and waiver by Panmure Liberum.
B.P. Marsh will not receive any proceeds from the transaction. The final number of shares to be placed will be determined at the close of the bookbuild process, with results to be announced thereafter.
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