Volution falls as Towerbrook sells out
Volution Group saw its share price blown down on Tuesday after US private equity firm Towerbrook Capital announced overnight that would sell 22.4% of the ventilation products supplier's stock.
Construction & Materials
12,379.56
15:44 15/11/24
FTSE All-Share
4,411.85
15:45 15/11/24
FTSE Small Cap
6,802.32
15:45 15/11/24
Volution Group
570.00p
15:45 15/11/24
With the help of broker Liberum, Windmill Holdings, which is part of Towerbrook Capital Partners, placed 44.8m shares with institutional investors at a price of 150p.
The oversubscribed placing went through in a matter of hours after the close on Monday, realising gross sale proceeds for Windmill of £67m and as a result Windmill no longer holds any shares in Volution.
As it reported results earlier this month that were slightly ahead of City forecasts and pointed to a good start to the new year, Volution cautioned on the "ongoing uncertainty in the UK".
Shares in Volution, which topped 200p early in the year, were down 7% to 155p on Tuesday morning.