3rd Jul 2019 15:07
(Alliance News) - Altitude Group PLC's Non-Executive Director and founder Martin Valery sold 2.1 million shares in the company, the provider of personalised products and clothing said Wednesday.
The company, which in May posted a pretax loss of GBP2.8 million compared with a GBP125,000 profit the year before, said Varley sold the shares "to provide some required liquidity in his private life".
Varley sold 2.0 million shares at 100 pence each on Wednesday and 125,000 shares at 110p on June 28. The company said Varley still owns more than 10 million shares, which represents 14.8% of the company.
Varley said: "I wish to remind shareholders that I remain heavily invested in the group that I founded, and I remain a long-term significant shareholder."
"There are inevitably times where one needs some personal liquidity to satisfy existing obligations and I hope the lock-in agreement I have entered into over my remaining holding demonstrates the continuing nature of my total belief and support in the Group."
Varley took a non-executive role in the company in June last year after previously serving as its commercial chief and chief executive.
The company raised GBP9 million gross in January after placing 13.2 million new shares at 68 pence each.
Shares in the firm were down 1.9% at 109.40 pence in London on Wednesday afternoon.
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Altitude Group