Card Factory management to sell 7.4m shares
Card Factory has announced that some of its directors and members of its senior management team will sell a 2.2% stake in the greeting cards retailer through an accelerated bookbuild placing of around 7.4 million shares.
The selling shareholders, which include chief executive Richard Hayes and chief financial officer Darren Bryant, will continue to have an interest in 56.4 million shares in the company if all of the shares are sold. This represents 16.6% of the issued share capital.
While Hayes will retain a stake of about 3.8%, Bryant will retain an interest of around 1.9%.
Card Factory said the placing will be managed by UBS which will act as sole bookrunner. The amount of the placing proceeds and the placing price will be decided at the close of the accelerated bookbuilding.
The sellers have agreed not to dispose of any more Card Factory shares for at least another three months.
The books for the placing will open with immediate effect. Pricing and allocations are expected to be announced as soon as practicable following the closing of the books.
