Sanne Group issues tranche of shares one year after FLSV acquisition

Sanne Group confirmed on Tuesday that applications have been made to the Financial Conduct Authority and the London Stock Exchange for 477,567 shares to be admitted to the premium listing segment of the Official List and to trading on the Main Market, related to the company’s acquisition of FLSV Fund Administration Services.

The FTSE 250 firm said it expected that admission of the shares would become effective and dealings in the shares would commence at 0800 GMT on 1 November.

Its acquisition of FLSV Fund Administration Services completed on 1 November 2016, with the shares being issued representing the element of the first tranche of the initial consideration which was part-payable in Sanne shares.

Of the shares, 327,626 are to be issued to Jeffrey Hahn and 149,941 are to be issued to Brenda Grayson, both of whom are employed within Sanne's North American business.

“Following admission of the shares, the company will have 141,608,934 ordinary shares of 1p each in issue of which 98,533 are held in treasury,” Sanne’s board confirmed in its statement.