Private equity investor Allegro Funds has sold a 6.1 per cent stake in ASX-listed Best & Less in a block trade underwritten by Bell Potter on Tuesday night.
Less in a block trade worth $17.5 million on Tuesday night.The broker was seeking buyers for the 7.6 million shares at $2.30 a share, in a trade worth $17.5 million, according to terms sent to investors.
Bell Potter told clients that stock was being sold on behalf of two Allegro entities, and that Allegro and the broker reserved the right to increase the trade size subject to demand. The deal was at a 15 per cent discount to the last close while the shares were also entitled to a 12¢ dividend, payable at the end of September.Less stock prior to the release of the retailer’s results for the period to December 31. The broker was calling for bids by 6pm, Tuesday.Less, a clothing retailer, started trading at $2.16 a share in July last year and closed as high as $4.
Allegro retained a 43.5 per cent stake as part of the float, which was subject to a voluntary lock-up. One of the triggers was the release of BestThe selldown would reduce its stake to 37.4 per cent, assuming the trade was not upsized. Allegro’s Fay Bou represents the firm on the Best
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