PVA TePla slumps after founder sells remaining stake in co

Pva Tepla AG

03/03/2023 07:42

** Shares in PVA TePla  TPEG.DE  are down 12.8% in early
Frankfurt trade after founder Peter Abel sold his remaining
shares in the company six years after stepping down as CEO
    ** Abel and his family sold their remaining 13.6% stake in a
private placement to institutional investors, investment bank
Jefferies, which was commissioned with the transaction, said
    ** The almost three million shares have been placed at a
price of 22.00 euros per share, which represents a discount of
around 14% compared to Xetra closing price of 25.70 euros on
Thursday, when the sale was announced
    ** "No price out yet but big placement," a local trader says
    ** "More mid-term it is positive," adds the trader, noting
the company's high free-float, which will increase to 100% of
the outstanding shares, is "also interesting"

($1 = 0.9417 euros)

 (Reporting by Anna Mackenzie)
 ((Anna.mackenzie@thomsonreuters.com))