Capital Drilling (LON:CAPD) announced a proposed secondary placing that would see the board selling 18.5% of their stake for £12mln.
“Certain directors and founding shareholders” intend today to sell approximately 25,000,000 ordinary shares of US$0.0001 each at a price of 48p.
The placing was in response to institutional demand and in order to increase its free float to facilitate more trading liquidity, said the group.
“None of the vendors have any present intention to sell any further shares in the company following completion of the placing,” said Capital.
Shares in the group, which have more than doubled in the last year, were trading 0.75p, or 1.5% lower, at 50.25p on Wednesday morning.