Trustpilot Group PLC (LSE:TRST) fell on Tuesday morning after confirming stakeholder venture capital firm Northzone had sold off its shares in the company at a discount.
Northzone sold its 1.23% stake in Trustpilot via a secondary placing, the consumer review business confirmed, after announcing the sale on Monday.
Some 5,173,241 shares in Trustpilot were sold for 157p each, representing a 5% discount to Monday’s closing price of 165.2p.
Broker Berenberg acted as sole bookrunner on Northzone’s behalf, with the proceeds of the sale payable in cash and set to be settled on 18 January, as per Trustpilot.
Trustpilot unveiled a £20 million share buyback earlier in January after announcing full-year profits would come in ahead of forecasts.
Shares fell 2.6% to 160.5p.