LONDON (dpa-AFX) - J.P. Morgan Securities PLC announced Tuesday that it has placed 37 million ordinary shares in office solutions firm Regus PLC (RGU.L) for sale on behalf of Regus Chief Executive Mark Dixon's holding company Estorn Ltd., at a price of 275 pence a share. Regus stock is currently trading down 6 percent in London.
The Placing has raised aggregate gross sale proceeds of approximately 102 million pounds for Estorn.
On Monday, J.P. Morgan said it was placing the shares. The price is 6% lower to Regus' closing share price of 292.7 pence Monday.
Following the sale, Dixon will will continue to be a significant holder and will indirectly own 257.7 million shares in Regus, or 27.7% of its issued share capital.
Estorn has agreed, subject to customary exceptions, to no further sales of any of the Company's shares, held by Estorn which were not sold in the Placing, for 90 days without the consent of J.P. Morgan Securities.
The closing of the Placing is expected to occur on September 22, subject to the satisfaction or waiver of certain customary conditions.
J.P. Morgan Cazenove acted as Sole Bookrunner in respect of the Placing.
In London, Regus shares are trading at 271.40 pence, down 6.35 percent.
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