Kate Swann, Chief Executive of WH Smith, the books and stationary retailer, has sold a sizeable chunk of her stake in the firm to raise capital to buy herself more property, according to a company spokesperson.
Swann, who is widely held responsible for turning the company around since her arrival in 2003, sold off 425,000 shares at 550.74p each, for a total of £2.34m.
The sale equates to 40% of her previously owned stake. She now holds 0.47% of the firm's shares and remains the largest single shareholder.
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The chain has done well in the past year, gaining 18% on its share price, although suffering a little of late. However, the firm most recently reported that its rate of decline has eased as sales in the final month of 2011 were not hit by fierce weather conditions like they were in 2010.
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Swann said in the report that the company had put in a resilient performance in difficult trading conditions.
"Gross margin was in line with plan and costs were tightly controlled," she said.
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WH Smith (SMWH)
Director name: Ms Kate Swann
Amount sold: 425,000 @ 550.74p
Value: £2,340,645
Virgin Media Inc. (VMED)
Director name: Mr William Huff
Amount sold: 44,734 @ 1,922.15p
Value: £859,855
Babcock International Group (BAB)
Director name: Mr William (Bill) Tame
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Value: £448,716
Cranswick (CWK)
Director name: Mr Martin T P Davey
Amount sold: 25,000 @ 790.00p
Value: £197,500
Cranswick (CWK)
Director name: Mr Bernard Hoggarth
Amount sold: 25,000 @ 790.00p
Value: £197,500
Cranswick (CWK)
Director name: Mr Adam Couch
Amount sold: 25,000 @ 790.00p
Value: £197,500
Euromoney Institutional Investor (ERM)
Director name: Mr Peter Richard Ensor
Amount sold: 5,133 @ 685.00p
Value: £35,161
Euromoney Institutional Investor (ERM)
Director name: Mr Colin Robert Jones
Amount sold: 2,000 @ 685.00p
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