25th May 2016 16:18
LONDON (Alliance News) - Nick Robertson, a co-founder and non-executive director of ASOS PLC, plans to sell a 1.6% stake in the online fashion retailer, Numis Securities said late Wednesday, to help pay for a recent divorce settlement.
Robertson intends to sell about 1.3 million shares to institutional investors through a placing handled by Numis, which said it has now begun the accelerated bookbuild process. The books for the placing were open with immediate effect, Numis said.
Following the disposal, Robertson will continue to have an interest in about 5.5 million ASOS shares, equivalent to roughly 6.6% of the company. The sale is subject to demand, price and market conditions, Numis said.
Any shares held by Robertson not sold in the placing will be subject to a 90-day lock-up, restricting him from further disposals.
Shares in ASOS closed down 1.1% at 3,582.57 pence on Wednesday, giving the planned sale a value of GBP46.6 million.
By Samuel Agini; [email protected]; @samuelagini
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