Auto Trader execs offload shares for $85 million US
06 Apr 2016
Auto Trader Group PLC announced that a group of current and former directors and managers have agreed to sell approximately 16 million shares, representing 1.6 percent of the company’s share capital.
Chief executive officer Trevor Mather and finance director Sean Glithero sold 7.1 million and 1.6 million shares respectively, leaving them with 12 million and 3.6 million shares in the company. They sold approximately 35.9 percent of their and their connected persons’ aggregate holdings in the company.
The shares were sold after the expiry on March 18 of an agreed lock-up period from the FTSE 250 group’s flotation in March 2015, at a price of 370 pence.
Auto Trader listed on the main market of the London Stock Exchange with a market capitalization of £2.4 billion. The shares at flotation were 235 pence.
Following the sale, the current managers and directors will continue to hold 39.8 million shares in the company, representing four percent of the total issued share capital.