JD Sports executive chairman halves stake in group
JD Sports Fashion shares fell this week, despite a strong trading update being released. And now we know the reason why — its executive chairman sold a huge chunk of shares.
When the leadership team sells a significant number of shares, it’s often seen a a sign of low confidence in the business. However, that’s unlikely to be the case here. Top executive Peter Cowgill is the man who has led the group to its current elevated position. He remains at the helm and is upbeat about its future prospects.
He sold 10 million shares, which was just over half his holding in the fast-growing retail group. Selling the shares at an average price of 213.22p each, brought in £21.3 million.
JD didn’t give any reason for the sale when it announced it had happened.
The deal leaves Cowgill with 9.7 million shares and a 0.19% stake in the company. The group’s shares are listed on the London Stock Exchange but Speedo and Berghaus owner Pentland Group holds a controlling 51% stake in the firm.
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