Ceres Power Holdings PLC (LON:CWR) shares held by IP Group Plc (LON:IPO) have been sold to investors via a secondary placing arranged by European investment bank Berenberg.
Some 9.1mln Ceres shares were sold at a price of 585p, versus Monday’s closing share price of 630p, to generate gross proceeds of around £53.23mln.
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The shares sold represent around 5.4% of the company, while IP Group retains a 0.2% shareholding in Ceres.
Berenberg, in a statement, noted that Ceres was not party to the placing and will not receive any proceeds. The broker also noted that the placing will settle in cash, on July 16.
In London, the Ceres share price adjusted down, falling 62p or 9.8% to trade at 568p.
It comes as IP Group continues to advance a broader programme of disposals and portfolio realisations which, at the time of June’s AGM, had generated total proceeds of £113.8mln.
Previously, in May, IP Group sold 12.25mln Ceres shares priced at 425p to generate £51mln of proceeds.