UPDATE: Gate Ventures Exits 24% Reach4Entertainment Stake (ALLISS)

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

Alliance News 13 February, 2018 | 4:41PM
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LONDON (Alliance News) - Reach4Entertainment Enterprises PLC said Tuesday that major shareholder Gate Ventures PLC sold its entire 23.5% stake in the media and entertainment marketing firm for GBP3.6 million.

Gate Ventures - which held 236.3 million shares in the company - placed its full holding through an accelerated bookbuild to institutional and other investors.

The shares were placed at a price of 1.5 pence each. Shares in Reach4Entertainment were 14% lower at 1.67 pence on Tuesday, they closed at 1.95 pence on Monday prior to the placing being announced.

The placing was conducted by Allenby Capital Ltd as the bookrunner. Following the transaction, gate Ventures no longer holds any interest in the firm.

Amongst those who acquired shares was strategic investor Miroma r4e Holdings Ltd - controlled by Reach4Entertainment Chief Executive Officer Marc Boyan - which acquried 10.0 million shares. After the transaction, Boyan holds 123.3 million shares or a 12.3% stake in the company.

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
reach4entertainment Enterprises PLC 0.95 GBX 2.70 -
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