Mitie slumps as Alchemy sells 40m shares in placing

Mitie shares slumped on Wednesday after investment fund Alchemy sold 40m shares in the outsourcing and energy services company in a placing.

The shares were sold by way of any accelerated bookbuild to institutional investors at 112p each, raising gross proceeds of about £44.8m.

Following completion of the placing, Alchemy will hold just over 31m shares in Mitie, which is a stake of around 2.33%.

Peel Hunt acted as sole global co-ordinator and bookrunner in connection with the placing.

At 0850 BST, the shares were down 4.2% at 115p.