How Group sells entire stake in Mitie

Mitie said on Thursday that How Group has sold its entire stake in the outsourcer.

How Group sold just under 99.4m ordinary shares, which was its entire 7% interest.

According to traders, the shares were sold at around 70p each, which is a 5% discount to Wednesday’s closing share price.

The shares were previously subject to share box escrow arrangements, which were put in place at completion of the acquisition of Interserve Facilities Management to provide the company with security for a two-year period following completion against any indemnity claims.

Mitie said £40m of the proceeds of the How Group share sale have now been used to replace the shares held in escrow.