STJ Advisors acted as independent advisor to Oaktree on a £104 million follow-on offering of shares in Countryside plc, a leading UK home builder and urban regeneration partner. Launched following intra-day wall-crossing exercise, the placing achieved a 3.6% discount to the prevailing share price – the tightest discount achieved for a UK sell-down in over 6 months, despite this being a large placement representing 161 days of trading volume on the stock exchange. The discount compares favourably with the average 6.1% discount for UK accelerated bookbuild offerings over last 12 months. The placement was very well received, with books covered in 50 minutes post launch and final deal well oversubscribed, allocated 85% to high quality long only investors. The shares traded positively in the aftermarket, closing 2% above the placement price.
STJ advised on all key aspects of the offering including timing, syndicate, sizing, pricing and allocations. STJ also advised Oaktree and the management on the successful IPO in February 2016.
Together with our advisory role on the share placing in Forterra plc on 13th January, STJ has advised on the first two UK follow-on offerings of the year.