(Alliance News) - The chair of Telecom Plus PLC and various family interests sold 3.5 million shares, or a GBP84 million stake, in the company on Tuesday, according to Peel Hunt Ltd.

The shares were sold by Non-Executive Chair Charles Wigoder, the Wigoder Family Foundation and other small shareholders, including Wigoder family members.

The shares were sold at a price of 2,400.00 pence per share, equating to GBP84 million in total equity value. The placing proceeds are payable in cash and is expected to close on Thursday.

Shares in Telecom Plus were down 3.7% to 2,345.50p each in London on Tuesday at midday.

Before the placing, Charles Wigoder held 7.4 million Telecom Plus shares, a 9.4% stake.

The remainder of Telecom Plus shares held by Charles Wigoder and the Wigoder Family Foundation following the placing will be subject to a lock-up, which ends six months after the completion of the placing.

Peel Hunt confirmed 4.4% of the London-based multi-utility provider's issued share capital was placed through an accelerated bookbuild on Tuesday, with Peel Hunt and Numis Securities acting for the selling shareholders.

By Greg Rosenvinge, Alliance News reporter

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