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Business First Bancshares files shelf for selling shareholders


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Business First Bancshares files shelf for selling shareholders

Business First Bancshares Inc. registered 3,110,000 of its common shares for possible sale by stockholders from time to time.

The shelf registration listed a proposed maximum aggregate offering price of $54.7 million, estimated solely to calculate the registration fee.

The Baton Rouge, La.-based company noted that it will receive no proceeds from the sale of those shares. The selling shareholders are investors who took part in an October 2017 private placement. They include Banc Fund VIII LP and Banc Fund IX LP, which together own and are offering up to 500,000 Business First shares; affiliates of Terry Maltese's Maltese Capital Holdings LLC, with an aggregate 500,000 shares; RMB Capital Management LLC affiliates, with 500,000 shares; JAM Special Opportunities Fund III LP, with 410,000 shares; Stephens BFB LLC, with 250,000 shares; and AB Financial Services Opportunities Master Fund LP, with 85,000 shares.

Also selling their holdings are EJF Sidecar Fund, Series LLC – Small Financial Equities Series, which holds 565,000 shares, or a 5.52% stake, and Endeavour Regional Bank Opportunities Fund II LP, which has 432,710 shares. All may sell the entirety of their stakes in Business First, except for Endeavour, which plans to keep 132,710 shares, or a 1.30% stake in the company.

The above-mentioned possible sales by the selling shareholders are assumptions formed for making a table in the filing.