Carlisle businessman sells shares in Stobart
Last updated at 13:34, Friday, 06 June 2014
Stobart Group chief executive Andrew Tinkler has sold part of his shareholding in the company.
An official statement to the stock market confirmed Mr Tinkler had disposed of 1m ordinary shares for £1.35m.
He retains more than 31m shares, worth around £45m, which represent 9.4 per cent of the issued share capital.
The disposal was made through WA Developments International, a company wholly owned by Mr Tinkler.
Stobart Group can trace its roots back to the 1970s when the business began as an offshoot of an agricultural contracting business in Hesket Newmarket.
Earlier this year it disposed of a majority stake in the Eddie Stobart road haulage business to DBAY Advisors, a private-equity investor based in the Isle of Man, in a deal worth £280.8m.
It will use the cash generated – £195.6m – to reduce debt, buy back shares and invest in its other interests including aviation, warehousing and biomass.
The group recently reported a £10.19m pre-tax loss from continuing operations for the year to February.
But underlying operating profits were 3.4 per cent higher at £16.85m
First published at 13:20, Friday, 06 June 2014
Published by http://www.cumberlandnews.co.uk