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Instem flags share sale

A total of 1.66mln shares are being sold to “to satisfy market demand and broaden the institutional investor base”

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N+1 Singer Capital Markets is organising what’s called an accelerated bookbuild

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.

Quick facts: Instem PLC

Price: 480 GBX

AIM:INS
Market: AIM
Market Cap: £80.03 m
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