Pandora falls after investor sells shares

 
City A.M. Reporter
SHARES in Pandora fell 11 per cent yesterday after the Danish jewellery maker said its majority shareholder was offering about 10 per cent of shares in the company to institutional investors.

The offering by the shareholder, Prometheus Invest ApS, would be run by JP Morgan Securities and Nordea Markets and would constitute up to 13m existing shares in the jewellery maker, it said in a statement. Pandora would not receive any proceeds from the transaction, it said.

Danish private equity group Axcel and the Enevoldsen family, which founded Pandora, hold a combined 50.49 per cent of shares in the group through the investment company Prometheus Invest.

A week ago, Pandora’s shares spiked to a two-year high after the company beat forecasts for first-quarter core earnings.