Management team members at logistics firm raise £37.7m in share sale

Members of Leeds-based Clipper Logistics’ management team have raised £37.7m through a share placing.

Executive chairman Steve Parkin’s company Carlton Court Investments, Wolds Investments, controlled by CFO David Hodkin, and Kexby Investments, ultimately controlled by CEO Tony Mannix, along with Summit Ltd and Somlie Ltd, have sold a combined 8.7m ordinary shares in Clipper, at a price of 430 pence per share.

Following completion of the placing, the sellers  will together hold approximately 38% of the company’s issued share capital. In an announcement released this morning, Clipper Logistics said that the company would not receive any proceeds from the placing.

Steve Parkin, executive chairman, said: “The management team remain fully committed to the business and are confident in the outlook for Clipper.  The business is extremely well placed to continue its growth both organically and through targeted acquisitions.  This placing will help improve the liquidity in Clipper shares, and we welcome the new shareholders that have come on to the register.”

The remainder of the Clipper Logistics’ ordinary shares held by the sellers following the placing will be subject to a lock-up which ends 90 days after completion of the placing.

Numis is acting as sole bookrunner in connection with the placing.