JD Wetherspoon chairman Tim Martin has sold shares worth £50.3m to capitalise on the “significant buying interest” following the company placing last week.
Last week the pub group announced that it was raising capital through its investors via an accelerated share placing of over £90m.
On 26 January, Martin announced that he sold 4,370,000 of the company’s ordinary shares at a price of £11.50 per share. Taking his holding in the company to 21.88%.
In a regulatory update, Mr Martin revealed he has agreed to a ‘lock up arrangement’ on his remaining shareholding that runs until the release of the announcement of the company’s results for the 52 weeks to 25 July 2021 – which is expected to take place in September 2021.
As a result of the transaction, Tim Martin’s holding in the company now comprises 28,174,709 shares which is 21.88 % of the issued share capital of the company.”