Mike Goddard, founder and chairman of Belvoir, the UK’s largest property franchising group, has announced he is to sell approximately 2m shares in the company.
The shares, which represent 5.7% of the issued share capital of the company, are being made available for others to buy, at a price of not less than 105p.
The announcement was made late yesterday afternoon after trading on the stock market finished for the day.
finnCap is acting as the sole book-runner in relation to the placing.
The book-build, to institutional investors, was launched immediately after the announcement as an accelerated process.
The announcement said that there can be “no certainty that the placing will complete”, but Goddard has committed to holding any shares remaining from the book-build.
Goddard is not selling all his shares. He currently holds in aggregate 4,398,214 Ordinary Shares representing 12.6% of the issued share capital of Belvoir.
A further announcement will be made, and is expected shortly.
Belvoir shares yesterday closed at 112.50p.
The company produced strong results in the first half of this year, with revenue and operating profit both up.
Broker finnCap began coverage of Belvoir last month, setting a share price target of 190p.
Comments (1)
Goddard is signalling his plans for retirement .However he has decided to retain over half his holdings .Maybe he has been advised that the market will have difficulty absorbing anymore than 2 milion shares in the current climate .
The timing coinciding with the share going ex-dividend so Godders pockets that.
Fair play to him .Being an ex Winco he certainly ticks the ” no previous experience “box in the business and made a success of it
Interesting to see how the market opens up today and whether it dips below 110p but shouldn’t think there will be any problem the market absorbing that amount
Godders more than likely recognising the potential of Belvoir for a takeover and cleverly holding some 6.9% back which might attract a premium value at a later stage
A bit like Woodford at Purplebricks