Funds managed and advised by J.C. Flowers & Co. LLC sold the remainder of their stake in U.K.-based OneSavings Bank Plc.
The funds sold 19 million shares, representing about 8% of the lender's share capital, in an accelerated bookbuild at 416 pence per share, generating gross proceeds of £80 million. OneSavings Bank will not receive any proceeds from the sale.
A number of existing shares in the U.K.-based bank, representing about 10% of the number sold under the bookbuild, were distributed to certain investors in the funds advised by J.C. Flowers. These shares are separate and in addition to the shares sold under the bookbuild arrangements.
Jefferies International Ltd. is acting as sole global coordinator and book runner, while Goodbody Stockbrokers UC is acting as placing agent. N M Rothschild & Sons Ltd. is acting as sole financial adviser to J.C. Flowers.
The latest transaction follows the sale of an approximately 10% stake in early January and sales in 2017 in March, May and October.