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LONDON - Cerillion PLC (AIM:CER) CEO Louis Hall has sold 3,043,295 ordinary shares representing approximately 10.3% of the company’s issued share capital at a price of 1500 pence per share, according to a company statement released Thursday.
The transaction, which raised gross proceeds of £45.6 million, marks Hall’s first sale of shares since 2017. Following the sale, Hall remains Cerillion’s largest shareholder with 5,944,414 ordinary shares, representing 20.1% of the company’s issued share capital.
The placing was conducted through an accelerated bookbuild with Panmure Liberum Limited acting as sole bookrunner. The company noted that the offering was "significantly over-subscribed" at the increased transaction size and attracted strong support from existing shareholders as well as new investors from the USA, UK, and Europe.
According to the press release, the sale aims to diversify Hall’s asset base, broaden the shareholder base, and increase liquidity to support the company’s future growth.
Hall has committed to a lock-in period of 365 days during which he will not dispose of any further ordinary shares, subject to certain exceptions and waiver by Panmure Liberum. Additionally, he has agreed to an orderly market provision for a further 180 days following the lock-in period.
Settlement of the transaction is expected to occur on June 16, 2025. Cerillion will not receive any proceeds from the placing.
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