Free Lanka Capital Holdings (FLCH) is supposed to have a done private placement of its shares during past 2-3 months, with promoters selling shares to selected outsiders. John Keells Stock Brokers have been involved in marketing shares apparently. Can't find details of this transaction in Prospectus though, maybe as there was no new issue of shares.
As at 31st March 2010, Browns Investments and Perpetual Capital held 50% each of FLCH, as shown on page 110 of Prospectus. This is now no longer the case as seen by major shareholder list on page 16 of Prospectus - the promoters have reduced their stakes.
Some Directors have bought shares at SLRs 4-70 per share on 30th December 2010 as shown on page 41 of Prospectus, at a discount to the SLRs 5 IPO price.
Does any one know if the discounted SLRs 4-70 is the price at which private placement was also done? Is there any minimum holding period of these private placement people?
The authorities really should try to ensure that all these details are disclosed in Prospectus.