Bill Adderley, founder and life president of homewares retailer Dunelm has completed a placing of 15.6m shares, or 7.8% of the firm, at a price of 310p per ordinary share.
He retains approximately 34% of Dunelm's issued share capital and will not sell any more shares for at least 12 months.
Adderley's son Will, who has a 25% stake in the company, has informed the board that he has no intention of selling any of his 50m shares in the firm.
Subscribe to MoneyWeek
Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE
Sign up to Money Morning
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Broker Singer Capital Markets argues that the secondary placing of Adderley's shares will improve liquidity in the home furnishing company's shares.
'Prior to this announcement, the free float of Dunelm was c. 32.7%, and will subsequently increase to c. 40.5%,' Singer notes.
Last month, Dunelm said it was 'very pleased' with a big rise in sales at the start of its new financial year.
-
Rightmove: UK asking prices hit record high but Britain enters buyers marketRightmove's latest HPI report shows higher property taxes stifling the spring selling season meaning we're entering a buyers' market.
-
8 of the best properties for sale for around £1 millionThe best properties for sale for around £1 million – from a Grade II-listed former watermill in Torpoint, Cornwall, to a two-bedroom apartment close to London’s Kensington High Street
