Four members of the Daily Mail and General Trust (DMGT) board have sold shares worth just over £30 million.
Chairman Jonathan Rothermere, chief executive Paul Zwillenberg, finance director Tim Collier and executive director Kevin Beatty all made share disposals at a price of 269.74p between 10 December and 16 December.
The sales were linked to controlling shareholder Jonathan Rothermere’s decision to take the publishing group private.
Yesterday it was announced that Rothermere Continuation Limited had secured the support of enough shareholders to acquire 56.7% of DMGT, above the required 50% threshold.
However, the deal faced opposition from some shareholders over the price. In July, RCL initially offered shareholders 251p per share, but last month the offer was increased to 255p, valuing the group at £850 million.
A backlash from investors including Majedie Asset Management and J Hambro Capital Management, who jointly owned 10.2% of the group, prompted RCL to raise the price again to 270p, valuing the company at £871 million, in order to get the deal over the line.
GEAR4MUSIC CHIEF NETS £12 MILLION IN STOCK SALE
On 15 December, Gear4Music (G4M) chief executive Andrew Wass offloaded 1.65 million shares at a price of 740p, raising more than £12 million in cash. Wass retains a 22.42% holding in the company.
Gear4music, which sells own-brand instruments alongside premium third-party brands including Fender, Yamaha and Roland, had upgraded expectations back in June after stronger than expected first quarter sales.
However, shares slumped over 14% in mid-November after the online retailer warned trading in Europe in the third quarter had been slower than expected due to ongoing Brexit-related supply chain challenges.
Wass said supply chain bottlenecks were ‘persisting for longer than previously anticipated’ and as a result European sales in the third quarter to date were slower than previously forecast. During the last six months, Gear4Music shares have fallen by 22.5%.
