16th Feb 2021 09:43
(Alliance News) - Dunelm Group PLC on Tuesday said Deputy Chair Will Adderley sold a 7.4% stake in the company for GBP192 million on Monday, to achieve "greater portfolio diversification" on his part.
The home furnishing retailer based in Leicester, England, said 15 million shares were sold, worth 1,280p each. The shares represent 7.4% of Dunelm's issued share capital. Adderley's stake has been reduced to just under 38%, from just over 45%, a regulatory filing said.
Shares in Dunelm were down 7.2% at 1,307.00 pence each in London on Tuesday.
The shares sold were held by WA Capital Ltd, a company controlled by Will and Nadine Adderley.
The disposal was conducted by an accelerated bookbuild. Barclays and Goldman Sachs International acted as joint global co-ordinators and bookrunners.
"Will Adderley remains fully committed to Dunelm in his role as deputy chairman as well as a very substantial shareholder in the company and his working relationship with the company is unchanged. The seller has undertaken that, following completion of the placing, it will not dispose of further shares in the company for a period of at least 90 days, subject to customary exceptions," said Dunelm on Monday.
Will Adderley last sold shares in Dunelm in April 2016. He took over the day-to-day running of Dunelm from his father in 1996, and remained as chief executive through the group's stock market float in 2006. He became deputy chair in 2011 and was reappointed CEO in late 2014, before reverting to his role as deputy chair in 2016.
By Zoe Wickens; [email protected]
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