13th Apr 2016 06:54
LONDON (Alliance News) - Dunelm Group PLC Wednesday said Deputy Chairman Will Adderley sold more shares in the company than originally planned, but it reiterated that he is "fully committed" to his role at the retailer.
Dunelm said Adderley sold 8.0 million shares at a price of 915.0 pence each, implying a total value of around GBP73.2 million for the 4.0% stake. Dunelm shares closed at 953.50p on Tuesday.
On Tuesday, Dunelm advised that Adderley was set to only sell 6.0 million shares, or a 3.0% stake in the company.
The shares sold were held by WA Capital Ltd, a company controlled by Adderley, who told the company he was selling the shares to allow for "greater portfolio diversification". They were sold to institutional investors, with 750,000 purchased by the company to be placed in treasury.
Following the transaction, Adderley remains interested in 55.3 million shares, leaving him with a 27.4% stake in Dunelm. The entire Adderley family continues to control 51.2% of the company.
Dunelm reiterated Wednesday that Adderely remains "fully committed" to his role as well as remaining a "very substantial shareholder".
Adderely will not be able to sell any more shares in Dunelm for at least the next six months following the transaction.
By Joshua Warner; [email protected]; @JoshAlliance
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