First Derivatives CEO plans to sell 1.5m shares via accelerated bookbuild
This represents approximately 5.7% of First Derivatives’ issued share capital.
First Derivatives plc (LON:FDP) has earlier today announced that it has been advised that Brian Conlon, Chief Executive Officer, is proposing to sell at least 1.5 million shares in the Group , representing approximately 5.7% of the Group’s issued share capital, via an accelerated bookbuild through Goodbody Stockbrokers UC and Investec Bank plc.
Mr Conlon currently holds approximately 29.8% of the voting rights of First Derivatives and following the Placing, assuming the Placing is fully placed, will hold approximately 24.1% of the voting rights of the Group. If the Placing proceeds, Mr. Conlon has agreed with Goodbody and Investec not to sell his remaining shares for a period of six months (subject to certain customary exceptions).
Mr Conlon has entered into a block trade agreement with Goodbody and Investec as joint Bookrunners in relation to the Placing.
Current trading conditions and the outlook for the Group remain unchanged since the update included in the announcement of First Derivatives’s preliminary results on May 21, 2019. The company said back then that the new financial year started strongly with good momentum across the business. The investment program in recent years has delivered a number of important new contract wins and OEM and partnership agreements during the year that provide a platform for growth in the years to come.
The diagnosis and treatment of Mr Conlon remains unchanged since the Group’s announcement on May 17, 2019. He continues in his role as Chief Executive Officer during his ongoing weekly treatment, which is expected to last a number of months.