FORTERRA: Happy returns

Forterra plc | Published on 21/04/2017

A year to the day after the IPO, Forterra’s US private equity owner has
placed its entire remaining c. 53% holding at 195p – a 5% discount to
yesterday’s closing price. The placing was larger than initially
proposed yesterday “due to strong investor demand”. We believe the
market may have viewed the ‘overhang’ as a concern and this might
have partly explained the stock’s discount versus larger rival Ibstock
(IBST). The shares have reacted positively in early trading, rising to a
new high. This comes against what we see as a positive backdrop for
suppliers of bricks and other new housing products.

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