Private equity firm sells 5% stake in Auction Technology Group
Auction Technology Group
501.00p
16:55 28/06/24
-9.89%
-55.00p
Marketplace tech firm Auction Technology Group has announced that private equity firm TA Associates has offloaded a 5% shareholding through a share placing with institutional investors.
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The company said that TA Associates had sold 6.1m shares by way of an accelerated bookbuild to institutional investors at 525p a pop on Thursday, compared with Wednesday's closing price of 565p.
The transaction reduced TA Associates' stake in ATG from 17.6% to 12.6%
ATG, which does not receive any proceeds from the placing, has seen its share price fall by around a quarter since the same time last year and by around 65% since hitting highs of nearly 1,600p in mid-2021.
The stock was down 7.2% at 516p in early deals on Friday.