16 July 2018 – secondary placing
Sanderson has announced that it has been advised by Christopher Winn, Executive Chairman, that he intends to sell approximately 3,686,924 shares in the company via an accelerated bookbuild placing. The shares will be sold to institutional investors at a price of 90p per share and the shares being sold represent approximately 6.15% of the issued share capital of Sanderson. Assuming that all of the placing shares are sold, Christopher Winn would continue to have an interest in 8 million ordinary shares in the Company, representing a stake of approximately 13.34%. This may cause a drag on the share price in the near term but we see this as a good opportunity to invest. We maintain our BUY rating.