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
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.
Who is the richest person in the world?
The top five richest people in the world have a combined net worth of $825 billion. Who takes the crown for the richest person in the world?
By Vaishali Varu Published
Top 10 stocks with highest growth over past decade - from Nvidia, Microsoft to Netflix, which companies made you the most money?
We reveal the 10 global companies with the biggest returns since 2013. One firm has posted an astonishing 9,870% return, meaning a £1,000 investment would now be worth almost £82,000.
By Ruth Emery Published