Mitie Group PLC’s third-largest shareholder is planning on selling over a third of its shares in the company, according to an announcement by Peel Hunt Ltd on Tuesday.

Alchemy Special Opportunities Fund IV LP, a London-based investment fund, has announced its intention to sell 25 million shares in Mitie.

Alchemy currently owns 71.0 million of the company’s shares, corresponding to roughly 5.3% of its total share capital.

The price per placing share will be determined by way of an accelerated bookbuilding process to institutional investors, Mitie said, which commenced on Tuesday.

Peel Hunt, which made the announcement on behalf of Alchemy, will act as bookrunner for Alchemy’s placing.

Mitie will receive no proceeds from the sale.

Shares in Mitie closed up 2.1% at 120.04 pence each in London on Tuesday.

Copyright 2024 Alliance News Ltd. All Rights Reserved.