27th Sep 2018 16:29
LONDON (Alliance News) - Altitude Group PLC founder and Non-Executive Director Martin Varley sold shares worth GBP354,450 in a transaction on Thursday, whilst reiterating his confidence in the growth prospects of the promotional products maker.
Varley - who founded the firm and was chief executive until June - sold 500,000 shares at 70.89 pence each. Shares in Altitude were 1.9% higher at 82.00 pence on Thursday.
After thE transaction, Varley still holds 12.1 million shares - equivalent to a 22% stake - in Altitude.
"I do not feel that in relation to my overall holding such a modest share sale needs any apology or detailed explanation, but with the inevitable negative comments from posters on bulletin boards that I believe have no place in a professional and regulated investment community, I thought it best to make a small comment," Varley said in a statement.
"As such, I want to remind shareholders that 95% of my resources are invested in the group that I founded and there are inevitable times in life when some personal liquidity is needed or wanted to satisfy existing obligations," Varley added.
Varley emphasised he was "entirely confident and very excited" about the "exponential growth opportunity" at the firm. He added that the interim statement released on Tuesday "clearly demonstrates the traction that is being achieved on our disruptive ChannlPro offering in the US."
"It goes without saying that I remain a long-term significant shareholder in the company and look forward to the future with excitement and great confidence", Varley concluded.
Related Shares:
Altitude Group