Basic-Fit shares drop after long-term investor's stake reduction

Basic-Fit

09/11/2021 08:21

** Shares in gym operator Basic-Fit  BFIT.AS  drop 5.3%
following a stake sale by 3i Group  III.L  
    ** 3i has sold https://www.3i.com/media-centre/corporate-and-portfolio-news/2021/3i-group-receives-proceeds-of-c-146m-from-sale-of-shares-in-basic-fit
 4.5 million Basic-Fit shares at 44.25 euros per share, thus
reducing its stake to 5.7% from 11.6%
    ** 3i said it received proceeds of about 146 mln pounds
($196.92 mln) and following the offering, its remaining stake is
worth about 143 mln pounds
    ** "While at some point in the past this was a major
overhang for the stock, the remaining 6.6%stake will be less of
an issue going forward," KBC Securities says, adds that it had
expected 3i to remain opportunistic and sell parts of its stake
over time
    ** The offer price represents a discount of around 5.4% to
Basic-Fit stock's closing price on Monday

     ($1 = 0.7414 pounds)

 (Reporting by Piotr Lipinski in Gdansk)
 ((piotr.lipinski@tr.com))