SuperGroup Share News (SGP)

(ShareCast News) - The founder of SuperGroup - the company behind the popular Superdry fashion brand - has sold 4m shares due to "personal circumstances" amid reports he plans to use the proceeds to fund his divorce.The shares were sold at 1,200p each via an accelerated bookbuild placing to institutional investors managed by Investec Bank and Canaccord Genuity.SuperGroup announced the placing late on Thursday.Following the share sale, Julian Dunkerton, who stepped down as chief executive in 2014, remains the largest shareholder in the company, with 22.1m shares or a 27.2% stake.Dunkerton is said to have separated from his wife Charlotte around three years ago but only recently began divorce proceedings.The company's co-founder, James Holder, sold 2m shares in SuperGroup in July 2013 due to personal circumstances related to his divorce.At 1120 GMT, shares in the company were down 3.7% to 1,280p.