New institutional investors have been introduced to the Mitula Group share register after a deal to sell approximately 31.7 million shares.
Entities associated with the company’s majority shareholders and founders, Gonzalo del Pozo, Gonzalo Ortiz and Marcelo Badimon, agreed to sell approximately 25.5 million shares or approximately 25 percent of their current shareholdings to institutional investors. The company’s Chairman, Simon Baker, did not participate in the block trade.
In a statement, the company said the release of this tranche of shares to a broader range of institutional investors represents a critical step to increasing the liquidity of Mitula Group shares.
The balance of the block trade shares are from other shareholders who recently came out of voluntary escrow.
Post the block trade, the shareholdings of entities associated with Gonzalo del Pozo, Gonzalo Ortiz and Marcelo Badimon will hold approximately 36 percent of Mitula Group’s issued shares.
Gonzalo del Pozo, Gonzalo Ortiz and Marcelo Badimon have made a voluntary commitment that their remaining shareholding (post the block trade) shall be subject to escrow until the release of Mitula Group’s Fiscal 2016 full year results, expected to be around February 2017.
“The sale of shares by the company’s founders in no way represents any reduction in their personal commitment to the company, said Baker.
“They remain fully committed to robustly pursue growth of the business both organically and through acquisitions. We are all very positive about the future prospects for the company.
“The independent Directors of the Board believe this block trade, initiated by the founders to reduce their overall shareholding in the Company and introduce key institutional shareholders to the Mitula Group share register is positive and in the interest of all shareholders.”
The Mitula Group was founded in 2009 and is a leading digital classifieds group operating classifieds vertical search and portals sites.