Landsea Green Management proposes disposal of LSEA shares

The sale of shares may be done through various sales methods, including open market transactions in NASDAQ.

Landsea Green Management Limited has announced in a bourse filing its proposal to dispose of up to 6.13 million shares of Landsea Homes Corporation (LSEA) stock, representing approximately 16.9% of LSEA’s issued and outstanding shares.

According to the company, the disposal will take place within 12 months from the date on which the possible disposal is approved at the special general meeting.

The sale of shares may be conducted through various sales methods, including open market transactions in NASDAQ, underwritten offerings or placements arranged by investment banks, or off-market block trades via direct agreements with independent third-party purchasers.

The selling price of the shares of LSEA stock will be determined concerning the then market prices of shares of LSEA stock at the relevant material time, provided that the sale price must not exceed a 20% discount to the average closing price of LSEA shares over the five consecutive trading days preceding each sale.  

Additionally, a minimum selling price of $38.88 (US$5) per share has been set.

($1 = US$0.13)