(Alliance News) -Â Dunelm Group PLC on Monday said Deputy Chair Will Adderley plans to sell 15 million shares in the home furnishings retailer via an accelerated bookbuild secondary placing.
The shares represent a 7.4% stake in Dunelm, and are currently held by WA Capital Ltd, a company controlled by Will and Nadine Adderley.
"The company has been advised that this proposed sale is aimed at achieving greater portfolio diversification on the part of Will Adderley," Dunelm said.
Shares in Dunelm closed 5.6% higher at 1,408.00 pence in London on Monday, the stock up 16% since 2021 began.
Will Adderley last sold shares in Dunelm in April 2016. Assuming the 15 million shares are sold, the Adderley family will retain a total interest in around 87.3 million shares, around a 43.2% stake.
Will Adderley took over the day-to-day running of Dunelm from his father in 1996, and remained as chief executive through the group's stock market float in 2006. He became deputy chair in 2011 and was reappointed CEO in late 2014, before reverting to his role as deputy chair in 2016.
"Will Adderley remains fully committed to Dunelm in his role as deputy chairman as well as a very substantial shareholder in the company and his working relationship with the company is unchanged. The seller has undertaken that, following completion of the placing, it will not dispose of further shares in the company for a period of at least 90 days, subject to customary exceptions," said Dunelm.
The placing will be managed by Barclays and Goldman Sachs International acting as joint global co-ordinators and joint bookrunners.
By Lucy Heming;Â lucyheming@alliancenews.com
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Dunelm (DNLM)