6th Sep 2019 09:16
(Alliance News) - Motorpoint Group PLC's co-founder and non-executive director David Shelton along with his associates have sold 11 million ordinary shares in the car supermarket through a placing, significantly higher than previously announced, bookrunner Numis Securities said Friday.
Shelton and his connected persons via Shoby Investments Partnership sold 11 million Motorpoint shares at 200 pence each, raising GBP22 million in total.
London-listed shares in Motorpoint on Friday were trading 15% lower at 205.00 pence each.
Shelton and his associates, following completion of the 11 million stock sale, continue to hold 2.4 million shares in the company, around 3% of the issued share capital.
Numis on Thursday said Shelton and his associates intended to sell at least 8 million shares in Motorpoint in connection with divorce proceedings.
Motorpoint, separately, said on Friday that it has agreed to buy GBP5.2 million worth of placing shares from Shelton and his associates. The car dealer bought 2.6 million shares at the same placing price.
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