8th Apr 2014 06:36
LONDON (Alliance News) - Sports Direct International PLC's founder and deputy chairman, Mike Ashley, has engaged Goldman Sachs to sell 24 million of his shares, reducing his holding in the UK sports clothing retailer to 58% from 62%, the Financial Times reported late Monday.
The investment bank will place the shares acquired from MASH Holdings, Ashley's investment vehicle, with institutional investors at a price of between 850 pence and 870p per share, the newspaper said. Sports Direct shares closed Monday at 893.50p.
At the lower placing price, the transaction would be worth at least GBP204 million.
Citing people familiar with the situation, the FT said the share sale is unconnected to the recent acquisition by Sports Direct itself of an 11% stake in retailer House of Fraser, currently the subject of an acquisition by China's Sanpower Group Ltd. Instead the sale is intended to increase liquidity in Sports Direct shares, the FT said.
http://www.ft.com/cms/s/0/40bce646-be7d-11e3-b44a-00144feabdc0.html?siteedition=uk#axzz2yBA9jCna
Copyright 2014 Alliance News Limited. All Rights Reserved.
Related Shares:
Sports Direct