Charles Stanley offloads 1.5m IQGeo shares

IQGeo Group updated the market on the recommended cash acquisition by Geologist Bidco (Bidco), a company wholly-owned by funds advised by Kohlberg Kravis Roberts (KKR), on Wednesday.

The AIM-traded firm said the acquisition, first announced on 14 May, was to be executed through a court-sanctioned scheme of arrangement under the Companies Act.

As part of the acquisition process, Bidco had received a non-binding letter of intent from Charles Stanley & Co to vote in favour of the acquisition resolutions, covering 6,142,032 IQG shares, representing 9.93% of its existing ordinary share capital at the time.

Since the announcement, Charles Stanley has executed several transactions involving IQG shares.

They included sales on multiple dates between 16 May and 10 June, totalling 1,481,460 shares.

As a result, the Charles Stanley letter of intent no longer applied to the sold shares.

As of 10 June, the letter now applied to Charles Stanley's remaining holding of 4,656,672 IQG shares, equating to around 7.53% of IQG's issued share capital.

Overall, the total number of IQG shares subject to irrevocable undertakings or non-binding letters of intent, including those held by Charles Stanley, stood at 34,496,214 shares, representing 55.81% of IQG's issued ordinary share capital as of 10 June.

At 1100 BST, shares in IQGeo Group were up 0.21% at 468p.

Reporting by Josh White for Sharecast.com.