Boohoo founders sell off £143m of stock
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Boohoo founders, Mahmud Kamani and Carol Kane, have announced the sale of 50 million shares in the fashion group, at a price of 285p with a total value of £142.5m.
Following this placing, which was announced in a regulatory filing yesterday, the duo now possess just over 184 million shares in the company, or a 15.8% stake.
Kamani, Boohoo co-founder and group executive chairman, sold 35 million of his shares, leaving him with a 13.1% stake.
Co-founder and executive director Kane now has a 2.7% stake after selling 15 million of her shares.
Both Kamani and Kane agreed that “they will not, without the company’s and joint global coordinators’ prior written consent, dispose of further ordinary shares in the company for a period of 18 months”.
This announcement follows the “record performance” enjoyed by the fashion retailer over Black Friday weekend, alongside record high share prices of 315.5p last week.
In its latest trading update, the group spoke of the “successful integration” of such brands as Karen Millen, Coast, and MissPap, and affirmed it continues to “trade comfortably in line with market expectations”.
The sell off was managed by Zeus Capital and Jefferies, who sold the shares through an accelerated bookbuild placing to institutional investors.
