Intended Sale of Shares

RNS Number : 3907A

Breedon Group PLC

29 May 2019

 

News release

29 May 2019                                      

Breedon Group plc

("Breedon" or the "Group")

Intended Sale of Shares

Following the announcement earlier today regarding Peter Tom's decision to retire from the Board with immediate effect and to be succeeded by Amit Bhatia as Non-Executive Chairman, Mr Tom has informed the Group of his intention to sell approximately 22 million shares in the issued share capital held on his behalf by Hermco Property Limited (the "Sale Shares"), representing 1.3 per cent. of the issued share capital.

Abicad Holding Limited ("Abicad"), where Mr. Bhatia is a representative director, who currently own 17.78 per cent. of the issued share capital, announces its intention to purchase a minimum of 10 million of the Sale Shares at a price of 72.0 pence per ordinary share. Furthermore, Abicad has stated that it would be willing to purchase up to 22 million Sale Shares at the same price.

The sale of shares reflects the Board's desire to continue to broaden Breedon's share register in support of its ongoing growth strategy and Abicad's willingness to purchase the Sale Shares reinforces its long-term commitment to the Group.

Breedon is not a party to the Sale and will not receive any proceeds from the Sale.

This announcement contains inside information.

Enquiries:

Breedon Group plc                                                         www.breedongroup.com 

Pat Ward, Group Chief Executive                                     01332 694010

Rob Wood, Group Finance Director

Stephen Jacobs, Head of Communications                      07831 764592  

Cenkos Securities plc (NOMAD and Joint Broker)

Max Hartley                                                                       020 7397 8900

Numis Securities (Joint Broker)

Ben Stoop                                                                         020 7260 1000

 

END

 

 

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