LONDON (Alliance News) - Focusrite PLC on Thursday said Executive Chair & Founder Phil Dudderidge and a close associate sold 1.5 million shares at 500 pence each.
The music and audio products firm will not receive any proceeds from the approximately GBP7.5 million sale, which Focusrite said was intended to "satisfy institutional demand from new and existing investors".
The shares represented approximately 2.5% of Focusrite shares and the deal was executed by Focusrite's nominated advisor and broker, Panmure Gordon UK Ltd.
Phil Dudderidge and his closely associated person, Jennifer Dudderidge, now hold a 36% stake in Focusrite, worth 20.8 million shares. The remaining shares are subject to a six month orderly market agreement.
Shares in Focusrite were up 0.6% at 500.00p on Thursday.
Focusrite (TUNE)