- Reuters sold a 16.2% in GL TRADE to institutional investors outside the USA via a private placement, which saw strong demand. GL TRADE’s founders sold a further 1.8% stake, of the 3.5% maximum initially announced. These shares were sold at €27 each. Around 60 investors took part in the transaction, more than half of which were international investors.
- On June 30th, GL TRADE in accordance with the share buyback programme authorised by the 25 May 2004 shareholders’ meeting, and Euronext bought back respectively 8% and 10% stake at €26 per share cum dividend (the dividend was paid on June 29th).
The 8% of GL TRADE shares that the company now holds as treasury stock will be cancelled by the next board meeting, which will take place in July.
Louis-Christophe Laurent and Pierre Gatignol, co-founders of GL TRADE, made the following
comments:
‘Investors have been waiting for a long time for GL TRADE to increase its free float. The
market is already reacting positively to the operation, GL TRADE’s trading volumes have
increased significantly since the deal was announced and the share price remains steady. All
shareholders will soon benefit from the earnings enhancement resulting from this transaction.
This new step will enable GL TRADE to strengthen its development strategy via a genuinely
market-oriented ownership structure.’
