(Alliance News) - Athelney Trust PLC said its founder sold around 110,000 shares in the firm on Friday, and intends to sell down his remaining stake over the next twelve months.
Shares in Athelney were up 11% at 239.00 pence on Friday.
Robin Boyle sold 40,001 of the 110,001 shares to Global Masters Fund Ltd at a price of 239 pence. Following the transaction, Global Masters Fund holds 545,005 shares in the company, representing a 25.3% stake.
Former chair Emmanuel Pohl is a majority shareholder of Global Masters Fund. Pohl was re-appointed to the board of Athelney in April, after being removed from the board at an extraordinary meeting in January.
Before the meeting, Athelney Trust had urged shareholders to vote against the resolution as it said Pohl was seeking to "take control of the board".
Boyle's other 70,000 shares were sold separately to another party, also at 239p each.
"This transaction reflects terms agreed between the two parties this month, based on the original agreement made in March 2010," Athelney said.
Further, the company expects Boyle to sell his remaining 15.7% stake over the next twelve months, as required by the agreement between the two parties, as he prepares to retire from an active role in the company.
Chair Frank Ashton commented: "Robin Boyle is the founder of Athelney Trust. I am pleased to see that agreement on the sale of Robin's shares has been reached between the two major shareholders; it also reflects Robin's stated intention to retire from an active role in the company."
"As this marks the successful end of negotiations between the parties I now relinquish the role of executive chairman and return to non-executive chairman, effective immediately," added Ashton.