Hastings investors placing shares at 216p each

FTSE 250 motor insurance company Hastings Group said on Wednesday that a group of investors has agreed to sell 46.17m shares, which is 7% of the issued share capital, at 216p per share.

The price represents a 5.4% discount to the closing price on Tuesday and the investors selling are Hastings Investco, Neil Utley, the Utley Family Charitable Trust and Richard Brewster.

Goldman Sachs International, Barclays Bank and Credit Suisse Securities were acting as joint bookrunners on the placing, with Peel Hunt acting as lead manager.

Hastings said it will not receive any proceeds from the placing, which is expected to close on or about 7 October.

At 1030 BST, Hastings shares were down 4% to 219.30p.