ScS to buy back 4.99% of shares after major shareholder moves to cut its stake
ScS’s major shareholder is to sell a significant part of its stake in the upholstery and flooring chain.
Sun European Partners is reduce its stake from 40.25% to 26.85% by selling at least 5.38million shares. The disposal is Sun’s first major disposal of shares since ScS’s stock market flotation in 2015. Sun’s remaining shares have to be held for 90 days.
In response the chain said it intends to buy just under 2million shares (4.99% of the total shares) and cancel them.