Horizon places shares with institutional investors

Horizon Technology Group plc has placed 1,050,000 of directors' ordinary shares with institutional investors, according to the Irish Stock Exchange.

Directors Samir Naji and Charles Garvey each sold 500,000 shares, each sale representing 7% of the share capital in the company.

Paul Kenny sold 50,000 shares - 0.07% of the share capital - bringing the free float of the company to approximately 46.5%.

Despite the disposals, all three continue to hold a significant stake in the company.

Samir Naji retains 31,524,753 shares (43.9%), Charles Garvey holds 2,593,560 (13.6%) while Paul Kenny keeps 128,123 (0.18%).

The disposals took place yesterday at a price of €1 per ordinary share.