Baltic Classifieds tumbles as Antler sells 40m shares in placing

Baltic Classifieds tumbled on Monday after Antler, which is controlled by funds advised by Apax, sold 40m shares in a placing.

The placing shares, which represent an interest of about 8.2%, were sold at 231p each, raising gross proceeds of approximately £92.4m.

The placing was upsized by around 11% from an original 36m shares “on the back of strong deal momentum”.

Following settlement of the placing, which is expected to take place on Wednesday, Antler will continue to hold about 12.9% of BCG’s ordinary shares.

BofA Securities acted as sole global coordinator in connection with the placing.

At 0810 BST, the shares were down 9.9% at 231p.