Major Reach4Entertainment Shareholder Looks To Place 24% Stake (ALLISS)

LONDON (Alliance News) - Reach4Entertainment Enterprises PLC said Tuesday that major ...

Alliance News 13 February, 2018 | 2:39PM
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LONDON (Alliance News) - Reach4Entertainment Enterprises PLC said Tuesday that major shareholder Gate Ventures PLC is looking to potentially sell the entirety of its 23.5% stake in the media and entertainment marketing firm.

Gate Ventures - which holds 236.3 million shares in the company - is looking to sell up to its full holding through an accelerated bookbuild to institutional and other investors. The placing will be conducted by Allenby Capital Ltd as the bookrunner.

The book for the placing will open immediately and is expected to close no later than 1730 GMT Tuesday. The placing price and total number of placed shares will be determined at the close of the accelerated bookbuild process.

Shares in Reach4Entertainment were 13% lower at 1.70 pence on Tuesday. Assuming the placing price is in line with the current share price, it would raise up to GBP4.0 million for Gate Ventures.

By Ahren Lester; ahrenlester@alliancenews.com.

Copyright 2018 Alliance News Limited. All Rights Reserved.

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Securities Mentioned in Article
Security Name Price Change (%) Morningstar
Rating
reach4entertainment Enterprises PLC 1.68 GBX 0.00 -
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