Sun raises £13.75m through ScS share sale
ScS’s major shareholder Sun European partners has raised £13.75m by selling 6.25million shares in the chain.
The shares were sold at 220p a share, a discount of 18p on yesterday’s closing price.
Sun had said it was looking to sell at least 5.38million shares.
As a result its holding has fallen from 40.2% to 24.6%. 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.
Meanwhile ScS has bought just under 2million shares so it can cancel them. This will reduce the number of shares to 38,012,655.