Mitie shares slumped on Wednesday after investment fund Alchemy sold 40m shares in the outsourcing and energy services company in a placing.
Source: Sharecast
The shares were sold by way of any accelerated bookbuild to institutional investors at 112p each, raising gross proceeds of about £44.8m.
Following completion of the placing, Alchemy will hold just over 31m shares in Mitie, which is a stake of around 2.33%.
Peel Hunt acted as sole global co-ordinator and bookrunner in connection with the placing.
At 0850 BST, the shares were down 4.2% at 115p.
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