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Evraz shares lower after main owners sell another tranche for £158M

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Evraz shares lower after main owners sell another tranche for £158M

Evraz PLC's four core shareholders on June 20 sold 24.9 million shares, representing about 1.7% of the issued share capital, in an accelerated bookbuild priced at 635 pence per share just over three months after they cashed out £151.1 million.

Shares in the FTSE 100 constituent, Russia's second-largest steelmaker, fell as low as 635 pence apiece, or 6%, in early London trading but had recovered some ground by midday.

Evraz's largest shareholder, Kremlin-connected Roman Abramovich, sold 11,267,250 shares, about 0.8% of the company, through Greenleas International Holdings Ltd. for £71.5 million.

Chairman Alexander Abramov's Abiglaze Ltd. divested £52.6 million of shares, representing 0.6%.

Evraz CEO Alexander Frolov sold a 0.3% interest in the iron ore, coal and steel producer for £26.5 million via his Crosland Global Ltd. holding company.

Nonexecutive Director Eugene Shvidler cashed out £7.5 million, selling a roughly 0.1% stake of 1,182,750 shares via Toshi Holdings Ltd.

Following the sale, Abiglaze, Crosland Global, Greenleas International and Toshi Holdings hold about 19.4%, 9.7%, 28.8% and 2.8% of Evraz, respectively.

The shareholders are subject to a 60-day lockup barring further sales during the period.