GB Group slides after Audax Management sells 5m shares in placing

Identity and fraud software specialist GB Group slid on Thursday after Audax Management sold 5m shares in the company in a placing.

According to Bloomberg, AG Acuant Holdings - an entity affiliated with Audax Management - sold the shares to institutional investors at 400p each, raising gross proceeds of around £20m.

The placing price represents a 9.7% discount to the closing share price on Wednesday.

At 0830 BST, GB Group shares were down 7.4% at 410.20p.