Hochschild Mining falls as chairman sells £42m worth of shares

Shares in gold miner Hochschild Mining stumbled lower after chairman Eduardo Hochschild sold almost £42m worth of stock on Friday.

The company's founder sold 15.5m shares in the FTSE 250 company, held in his Pelham Investment vehicle, at a price of 270p per share via a secondary placing and agreed to an 180-day lockup.

Settlement of the placing will take place on 21 March, leaving Hochschild the person with approximately 51% of the £1.4bn company's shares.

"Eduardo Hochschild intends to retain a controlling shareholding in the company for the foreseeable future and the seller has agreed that it will not, for a period of 180 days after completion of the placing," broker JP Morgan Cazenove said on Friday.

Shares in Hochschild Mining Plc fell 7.3% to 270.1p by 1125 GMT on Friday.

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