LONDON (Alliance News) - 7digital Group PLC Monday said Co-Founder and Chief Strategy Officer Ben Drury sold shares and will transition to a non-executive position to pursue other opportunities from next year.
Drury sold 2 million shares at a price of 10 pence per share on Friday. Following this transaction, he holds 10 million shares, which equals a 9.3% stake.
The deal was worth GBP200,000 before expenses.
The company said the sale was part of a planned disposal process the proceeds of which Drury will use to settle certain tax obligations and for house renovation expenses.
In addition, 7digital said Drury will be transitioning his role as an executive to a non-executive position from January 1 2016, in order to allow him to "pursue other non-competitive business opportunities".
Drury remains committed to 7digital and has no intention of selling further shares, the company added. He co-founded the digital music and radio services platform in 2004 with James Kane.
7digital on Friday said it has signed a deal to become a music streaming services supplier to Electric Jukebox Co.
The stock was down 2.4% at 10.00p Monday.
By Arvind Bhunjun; arvindbhunjun@alliancenews.com; @ArvindBhunjun
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