By Benjamin Chiou
Date: Friday 09 Mar 2012
LONDON (ShareCast) - Will Adderley, the Executive Deputy Chairman of Dunelm, and his wife Nadine have reduced their equity interest in the homewares retailer, after selling off a big chunk of its stake.
Following an earlier announcement that the couple intended to off-load a total of 5m shares, Dunelm confirmed that Will and Nadine had actually sold an aggregate of 7.5m shares (5m and 2.5m, respectively), representing around 3.7% of the issued share capital.
The shares were placed at a price of 480p per share, compared with the 508.5p closing price of the stock on Friday. Shares closed down at the 482.8p mark on Monday evening, down 5% on the day.
Under the terms of the placing agreement, the couple agreed that, following completion of the placing, they will not dispose of further shares in the company for a period of at least six months.
Will Adderley joined the Dunelm business in 1992 and took over the running of the group from his father, Bill, in 1996. Will Adderley relinquished the role of Chief Executive in February 2011, since when he has been Executive Deputy Chairman, a full-time board position. Despite the share sale, Adderley has insisted that he remains fully committed to the company which, given the size of his remaining stake, probably did not need stating.
Following these disposals, Will Adderley owns a 31.2% stake in Dunelm, while the Adderley family as a whole still has a significant 54.9% interest.
Panmure Gordon said today that the increase in free float should be regarded as a positive development.
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