Good morning, it’s Paul here, I’m on duty today.
There’s literally nothing on today’s RNS within my remit. So instead, I’ll circle back to some results on Tuesday which I’ve still got in my pending tray – please see the header above for tickers.
Estimated completion time of today’s report: 5pm.Update at 16:39 – today’s report is now finished.
Motorpoint (LON:MOTR)
Share price: 204p (down 15% today, at 11:12)No. shares: 93.4mMarket cap: £190.5m
Founder selling shares
Last night this car supermarket announced that the founder, David Shelton, intended to sell at least 8m shares, to fund a divorce settlement.
An update this morning says that 11m shares have actually been sold, at 200p – this is quite a steep 17% discount, to the c.240p price that sells were going through at last night. Note that the company itself bought back 2.575m of the disposal.
Mr Shelton’s remaining shareholding is only 2.4m shares, or about 3% of the company.
My opinion – divorce is one of the better reasons for Directors selling lots of shares, as it’s a circumstance that is forced upon them by a court order.
Another consideration is that there’s often a substantial tax…
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