Hilton Food tumbles on placing
Shares of food packing company Hilton Food tumbled on Friday after an undisclosed institutional shareholder placed a 9.9% stake.
Food Producers & Processors
7,411.35
16:30 01/03/21
FTSE 250
21,221.46
16:30 01/03/21
FTSE 350
3,781.70
16:30 01/03/21
FTSE All-Share
3,761.45
16:30 01/03/21
Hilton Food Group
1,090.00p
16:23 01/03/21
According to traders, 8.1m shares in the company were placed at between 1,050p and 1,100p - compared to Thursday's closing price of 1,164p - with JPMorgan the bookrunner.
A trader said it's likely the seller is Fidelity Management & Research.
At 1005 GMT, Hilton shares were down 11.9% at 1,026p.
On Thursday, the company said it had performed ahead of its expectations as it continues to benefit from a shift to home consumption amid the Covid-19 crisis.
In an update for the 53 weeks to 3 January, the company said it had seen a continuation of strong year-on-year sales and volume growth, driven by both its own expansion and the change in people’s eating habits since the pandemic.