Instem PLC (LON:INS) said shareholders including chairman David Gare and non-executive director David Sherwin plan to sell stock in the IT company “to satisfy market demand and broaden the institutional investor base”.
A total of 1.6mln shares (the equivalent of 10.2% stake) are being sold at “not less than” 290p a share.
“Following the placing, the selling shareholders have no intention of making any further sales of ordinary shares for at least the next 12 months,” Instem said.
N+1 Singer Capital Markets is organising what’s called an accelerated bookbuild to market the stock to institutional investors.