Regus CEO places 37m shares

Mark Dixon, the founder and chief executive officer of flexible workspace provider Regus is selling 37m shares, equivalent to a 4% stake in the company, in an accelerated bookbuild.

The shares are being placed at 275p each, with JPMorgan Cazenove acting as sole bookrunner. The placing will take Dixon’s stake down to 27.7% from 31.7%.

Back in May 2015, Dixon placed 30m shares in the company at 245p per share.

Olivetree said: “As is typical with these types of executive sell downs, many will question the motivations behind such a sale however it is worth noting that Dixon has sold down on several occasions in the past, with the stock making new highs in the aftermath.”

It said the stock has been particularly well liked in the sector over the last couple of years, but recent Brexit worries and faltering business confidence have weighed on leasing figures on a constant currency basis, with the stock 17% below its November 2015 highs following an indifferent reception to first-half numbers in August.

At 0920 BST, Regus shares were down 5.6% to 273.50p.

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