24th Oct 2013 11:44
LONDON (Alliance News) - ASOS PLC Chief Executive Nick Robertson and Chief Financial Officer Nick Beighton, have sold GBP94.1 million worth of shares in the wake of the company's strong results Wednesday, according to a regulatory filing Thursday.
The online fashion retailer, by far the biggest stock on AIM, said its senior management team sold nearly 1.9 million shares at 5,000 pence each by placing the shares with banks JP Morgan and Numis Securities, who will sell on the shares.
Robertson will use some of his return from the placing to award staff a total GBP2.8 million special bonus, a spokesman said.
ASOS Wednesday said retail sales boomed 40% in its latest financial year, buoyed by further international growth and higher active customer figures. ASOS is about to launch in China, and Robertson said it expects to launch in other big economies like India and South America in coming years. UK retail sales were up 34% to GBP276.0 million. Despite this, and after a strong run, ASOS closed down 4.9%.
In a subsequent filing ASOS detailed the transactions:
Robertson sold 744,792 shares, and also exercised options on a further 840,000 shares. Robertson still holds more than 7.74 million shares in ASOS, representing a 9.4% stake.
Beighton sold a total of 240,000 shares, and still holds a total of 127,794 shares in the company.
The stock was down 2.2% at 5,101 pence Thursday morning, as the sale by the managers set a new market price.
By Steve McGrath; [email protected]; @stevemcgrath1
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