Retail logistics specialist Clipper Logistics (CLG) has had a storming run over the past year with its share price more than doubling as the firm has grown revenues and earnings significantly during lockdown.
Its executive chairman Steve Parkin appears to have taken advantage of that after Carlton Court Investments, a company ultimately controlled by Parkin, sold 11 million shares at 575p each in the logistics company through a placing, raising gross proceeds of £62.2 million.
The shares represent 10.8% of the issued share capital of Clipper Logistics. Following completion of the placing, Carlton Court Investments holds about 14.1 million shares in the firm, representing 13.9% of its share capital.
PARKIN ‘CONFIDENT AND FOCUSED AS EVER’
Despite the sale Parkin insisted he remains ‘as confident and focused as ever in the future growth prospects of Clipper’, and added, ‘Following the placing I remain a substantial shareholder in the business and welcome the new shareholders that have come onto the register.’
It comes after Clipper, which works with retailers ranging from ASDA to ASOS (ASC:AIM), reported a 50% jump in revenues in the last two months of 2020 compared to the previous year.
That came following an increase of 20% in revenues and a 53% increase in earnings before interest and tax (EBIT) for the first half to the end of October, and Clipper expects full year earnings to be ‘materially ahead’ of its previous expectations.
JUDGES SCIENTIFIC FOUNDER OFFLOADS £3 MILLION STAKE
David Cicurel, the founder and chief executive of science equipment maker Judges Scientific (JDG:AIM), has sold 50,000 shares in the business to a number of new and existing institutional shareholders at a price of £63 each, netting a total of £3.15 million.
Following the transaction, Cicurel holds 659,460 shares in the group, representing approximately 10.47% of the company’s issued share capital.
The sale comes after a strong rally in the firm’s shares over the past few months, rising around 32% since the end of September, as it reported that demand bounced back strongly in the second half of 2020, with the company now expecting annual adjusted earnings per share (EPS) to top market expectations.
OTHER DEALS
Chemring (CHG) group finance director Andrew Lewis has sold almost 125,000 shares at 313p each in a transaction totaling £391,000.
Francis Selway, a non-executive director at retailer Next (NXT), offloaded 4,250 shares at £80.50 each in a deal worth over £360,000.
Peter Herweck, non-executive vice chairman at software firm Aveva (AVV), sold 7,111 shares in the company at a price of £38.13 each in a deal worth £271,000 in total.
For a full list of the week's most significant trades, click here.
