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Shares for sale

Card Factory bosses make some of their stake available

CARD Factory’s management are selling 7.4million of their shares just over a year after floating the company on the London Stock Exchange.

Retail Week correspondent Matthew Chapman has reported that chief executive Richard Hayes and chief financial officer Darren Bryant are among those offloading shares.
Richard will retain 13.1million shares, which is 3.8 per cent of the retailers’ share capital, while Bryant will keep a 1.9 per cent stake of 6.4million shares.
Under the agreement of the placing, which will be managed by UBS, they have agreed to not dispose of any further shares in the company for at least three months.
Pricing and allocations of the shares being sold will be revealed, “as soon as practicable following the closing of the books”.
After Card Factory’s £766.6m flotation in May last year three Card Factory executives earned £54m from selling off shares.
Creative director Stuart Middleton sold £21.7m worth of shares, a third of his stake, and property head Anthony Barraclough sold half his stake for £18.5m, while the chief executive banked £14m.


Image from www.retail-week.com


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