STJ Advisors acted as independent advisor on a £206 million follow-on offering of shares in Forterra plc, a leading UK brick manufacturer. The trade represented a record 337 days of average daily trading volume for 52.7% of the Company. The offering was met with strong demand, enabling the offering to be upsized to a full sell-down of the stake. The offering was priced at a 5% discount to the previous close and a 2% discount to the prior 2-week weighted average price. Shares were allocated over 80% to long-only investors and have traded positively in the aftermarket.
STJ advised on the IPO last year, the first follow-on offering in January 2017 and now on this clean-up trade representing the remaining shareholding. This is the 5th UK follow-on offering on which STJ has advised during 2017.