Two of the largest shareholders in pan-European industrial property group VGP have agreed to sell parts of their holdings in the company via a secondary public offering.
The existing shares, held by Bert Van Malderen and Jan Van Geet, are being offered at between €55-€63 per share. The lower end of the price range represents a discount of 17.22% to the last closing price, while the higher price represents a discount of 5.63% to the last closing price.
Bart Van Malderen's VM Invest and Van Geet's Little Rock will divest up to 4.5 million existing shares, representing 24.35% of the entire company's aggregate shares.
Following the offering, Van Malderen will continue to hold a significant stake in VGP and serve on the board as a director, while Van Geet will continue to hold more than 30% of the shares of VGP and will remain CEO of VGP, a position he has held since founding the company in 1998.
The shares are being offered in a secondary public offering to retail and institutional investors in Belgium and in a private placement in the United States to 'qualified' institutional buyers.
The offer period beings on 12 October and is expected to end no later than 25 October.
J.P. Morgan and KBC Securities have been appointed as joint global coordinators and joint bookrunners. Belfius has been appointed as co-lead manager and ING as co-manager.
