The two main investors in LoopUp Group PLC (LON:LOOP) have sold shares representing over 5% of the remote meetings enabler In order to satisfy institutional demand following a relaxation of post-float lock-in arrangements by the firm.
The AIM-listed group said its biggest shareholder, angel investor Andrew Scott has sold 1,075,000 ordinary LoopUp shares through the Scott Family Trust at 148p each, while its second-biggest holder, venture capital firm Adara Ventures SICAR has also sold 1,075,000 ordinary shares at the same price.
The move came after the group and its broker Panmure Gordon consented to both Scott and Adara Ventures being released from their undertaking not to dispose of any of their interests in the firm at any time prior to the first anniversary of the group's listing in August 2016.
LoopUp said that the aggregate of 2,150,000 shares sold represented 5.2% of the group's issued share capital. The group added that it will not receive any proceeds from the share sale.
Following the disposal, Scott will have a beneficial interest of 11,788,919 ordinary shares in the group, representing 28.8% of its issued share capital, down from the 31.54% held previously.
Meanwhile, Adara Ventures’ interest is reduced to 6,964,548 ordinary shares representing 17.0% of LoopUp’s share capital, down from 19.71%.
The group said these remaining holdings will remain subject to the same lock-in and orderly market arrangements undertaken on admission.
LoopUp shares were unmoved by the news, holding steady at 150.5p.