Montefiore sells bigger-than-planned stake in Me Group

(Sharecast News) - Montefiore Investment has sold 26.5 million shares in Me Group International, it was confirmed on Friday, representing 7% of the company's issued share capital, through an accelerated bookbuild. The shares were placed at 200p each, with Berenberg acting as the sole bookrunner.

According to regulatory announcements, the transaction, announced on 27 February, initially targeted a sale of around 5% of Me Group's share capital, but resulted in a larger divestment.

Following completion, Montefiore would retain a 5% stake, equating to 18.9 million shares.

The firm agreed to a 45-day lock-up period, subject to certain exceptions and Berenberg's consent.

Me Group was not involved in the placing and would not receive any proceeds.

Settlement was expected on 4 March.

At 0950 GMT, shares in Me Group International were down 9.37% at 199.39p.

Reporting by Josh White for Sharecast.com.