LONDON (Alliance News) - Footwear retailer Shoe Zone PLC Friday said the Smith brothers, Anthony and Charles, sold a combined total of GBP4.7 million in shares in the business on Thursday.
Chief Executive Officer Anthony Smith sold 1.4 million shares at a price of 190 pence per share Thursday. The deal is worth about GBP2.6 million before expenses.
Following this transaction, Anthony Smith now holds 13.9 million shares, which represents a 27.8% stake.
The company also said Chief Operating Officer Charles Smith sold 1.1 million shares at the same price on Thursday, valuing the deal at around GBP2.1 million gross. Following the sale, Charles Smith holds 11.1 million shares, or 22.2% of issues shares.
Anthony and Charles Smith are the sons of former Chairman Michael Smith, who co-founded Shoe Zone with his brother Christopher Smith in the 1980s. The company started trading on AIM in May last year.
Meanwhile, the wife of Chief Financial Officer Nick Davis purchased 15,700 shares at the same price on Thursday, which is his only holding.
Shoe Zone on Tuesday said pretax profit in its full financial year will be in line with expectations following good trading in the second half, although revenue will fall on the prior year.
The stock was down 1.7% at 202.96p Friday.
By Arvind Bhunjun; arvindbhunjun@alliancenews.com; @ArvindBhunjun
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Shoe Zone (SHOE)