6th Apr 2016 06:12
LONDON (Alliance News) - Auto Trader Group PLC said Wednesday a group of current and former directors and managers of the company have agreed to sell 1.2 million shares in the company, or a 1.6% stake, at a price of 370 pence.
Shares in Auto Trader closed at 390.71p Tuesday.
The sale follows the expiry of the lock-up undertakings given by the individuals at the time of the company's initial public offering, and following the sale the current managers and directors will continue to have an interest in 39.8 million shares in the company, or a 4.0% stake.
Chief Executive Officer Trevor Mather and Finance Director Sean Glithero sold 7.1 million and 1.6 million shares, leaving them with 12.0 million and 3.6 million shares in the company respectively.
Merill Lynch International is acting as the sole selling agent, and Auto Trader did not receive any proceeds from the sale.
By Hana Stewart-Smith; [email protected]; @HanaSSAllNews
Copyright 2016 Alliance News Limited. All Rights Reserved.
Related Shares:
Auto Trader