Euromoney slumps as DMGT cuts stake to 49%
Business information and events group Euromoney Institutional Investor was under the cosh on Friday as Daily Mail and General Trust cut its stake in the company to around 49% from 67%.
Daily Mail and General Trust A (Non.V)
270.00p
16:40 07/01/22
Euromoney Institutional Investor
1,460.00p
17:15 23/11/22
FTSE 250
19,450.67
17:14 18/04/24
FTSE 350
4,334.00
17:14 18/04/24
FTSE All-Share
4,290.02
16:54 18/04/24
Media
11,786.69
17:14 18/04/24
DMGT sold around 32.3m shares in Euromoney at 975p per share, raising proceeds of approximately £315m.
The sale comprised of a secondary placing of around 13m shares, or around 10% of the company’s current issued share capital, and a buyback by Euromoney of 19.2m of its own shares from DMGT, or around 15%.
The buyback is subject to majority approval by Euromoney’s independent shareholders at a general meeting which is expected to take place before the end of this month.
At 0918 GMT, Euromoney shares were down 9.2% to 1,017p.