- Jet2 founder Meeson sells five million shares
- Major Costain shareholder sells up
- Weir director snaps up £60,277 shares
Philip Meeson, founder and largest shareholder of airline and package holidays provider Jet2 (JET2:AIM) has sold five million shares to a limited number of institutional investors on 11 September, representing approximately 2.3% of the issued ordinary share capital in the company.
The value of the share sale was not disclosed.
Jeffries who is acting as the sole global coordinator and sole bookrunner in connection with the placing said in a statement: ‘Philip's rationale for the transaction has been driven by personal financial considerations alone.
‘Philip believes that Jet2, as a market leader in the holiday business and with its firm order for 146 Airbus A321 aircraft is ideally positioned to fully take advantage of a market with huge potential.’
Meeson will continue to be a very substantial shareholder in Jet2 going forward, Jeffries added.
Settlement of the placing is expected to occur on 13 September 2024. The company will not receive any proceeds from the placing.
COSTAIN SHAREHOLDER SELLS ENTIRE 15% HOLDING
Dubai-based construction company ASGC has sold 41.7 million shares in smart-infrastructure solutions company Costain (COST) at 91p for a total value of £37.9 million on 11 September.
The shares sold represent a 15% stake in Costain which means that ASGC has sold its entire holding in the company.
‘We note that the sale by ASGC was increased from their original proposal, reflecting strong demand from other institutions for our shares including existing holders increasing their positions,’ a Costain spokesperson said.
Costain shares have performed well over the past year gaining 66%.
The company is not party to the placing and will not receive any proceeds from the placing.
Redburn (Europe) is acting as sole bookrunner in the connection with the placing.
WEIR DIRECTOR SNAPS UP £60,277 SHARES
Non-executive director of Scottish engineering firm Weir Group (WEIR) Nicholas Anderson has bought 3,100 shares at 12.5p for a total value of £60,727 on 11 September.
Over the past year, Weir’s have put in a solid performance gaining 7% with the company reporting an 8% rise in adjusted operating profit to £215 million on 30 July.
Operating profit guidance for the year has been maintained but the company said 2024 sales would be near the low end of analyst estimates, or £2.6 billon.
With this purchase Anderson could be capitalising on Weir’s strong set of results.
