STJ Advisors acted as independent advisor on a £39 million follow-on offering of shares in Forterra plc, a leading UK producer of manufactured masonry products including the iconic "London Brick". The offering was successfully completed via an accelerated placement against a live market on a Friday afternoon. The offering met with strong demand, enabling a 15% upsize and pricing at a 5.6% discount. The offering represented 11.5% of total share capital, or the equivalent of c. 180 days of average daily trading volume. Shares were allocated c. 85% to long only investors.
Share trading volume on the day following the offering was less than 5% of the amount of shares placed, and the shares closed 4.7% above the offer price. STJ Advisors also advised on the IPO last April.