LoopUp Group PLC (LON:LOOP) said shares representing over 8% of the company were today placed by broker Panmure Gordon on behalf of certain shareholders and former and existing employees in the group in order to satisfy institutional demand and increase the firm's free float.
In its second statement of teh day, the AIM-listed premium remote meetings company confirred that around 3.423mln ordinary shares in the company - including some arising from the exercise of options - were sold, representing approximately 8.14% of the group's existing issued share capital, at a price of 260p each.
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The group said it issued around 1.1mln new ordinary shares as a result of the exercise of options by former and exsisting employees at an average price of 74.07p each, giving the firm gross proceeds of about £814,000.
Among its employees, LoopUp's co-CEOs, Steve Flavell and Michael Hughes both exercised and sold shares. Following the move, Flavell's holding in the company will be 6.01%, while Hughes' will be5.84%.
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In late afternoon trading, LoopUp shares were changing hands at 267.5p each, down 7.3% or 21p on Friday’s closing price.
-- Confirms completion and details of placing, dates share price --