B&M tumbles after SSA Investments sells 27.8m shares in placing

B&M European Value Retail tumbled on Wednesday after SSA investments sold 27.8m shares in the discount retailer in a placing.

The shares were priced at 582.5p each - a 3% discount to the closing share price on Tuesday - raising aggregate gross sale proceeds of £162.1m.

The shares were sold via Goldman Sachs International and Rothschild and represent about 2.8% of B&M’s issued share capital.

After the sale, SSA will still hold around 3.4% of B&M’s ordinary shares.

At 1235 GMT, the shares were down 6.4% at 562p.