Parthus Technologies has priced its 55 million share offer at £2.10 sterling per ordinary share and $30.05 for each American Depository Share.
The sterling price is a discount of 7 per cent to Tuesday's £2.26 closing level. But the share price has fallen sharply since the share sale was announced. The pricing is at a hefty 34 per cent discount to the Parthus price in mid-October when the shares were trading at £3.20 in London. The discount reflects stock market volatility, particularly for technology shares.
The company will raise some £15.5 million sterling (€25.78 million) after costs through the sale of 8,300,705 shares.
Existing Parthus shareholders are selling some 46,699,295 shares, raising some £98 million before costs. Sellers include chief executive Mr Brian Long, chief financial officer Mr Peter McManamon and chairman Mr Michael Peirce. Following the placement Mr Long's stake will be reduced to 21 per cent from 23 per cent.
Mr McManamon will still hold 6 per cent while Mr Peirce will hold 3 per cent, compared to 4 per cent previously.
Goldman Sachs is reducing its stake to 13 per cent from 17 per cent. Enterprise Ireland is reducing its stake to 5 per cent from 6 per cent Kelburn is reducing its stake from 6 per cent to 5 per cent.
