Pubs and Bars

Tim Martin sells £50.3m of JD Wetherspoon shares

Last week the pub group announced that it was raising capital through its investors via an accelerated share placing of over £90m

Chairman of JD Wheterspoon Tim Martin, has sold shares worth £50.3m to capitalise on the “significant buying interest” following the company placing last week.

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,  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.

Related Articles

Last week the pub group announced that it was raising capital through its investors via an accelerated share placing of over £90m.

Advertisement

At the time a total of 8,370,000 new ordinary shares were placed on the exchange by Investec Bank at a price of 1,120p per share, bringing the overall investment level to £93.7m.

It has been reported that the pub chain has received almost £50m through the government’s Covid-19 loan scheme, and has submitted an application to double the state-funded support. 

Earlier this month the company revealed that its liquidity stood at £139m, with net debt totalling £1.1bn.

Back to top button