Joules Group PLC - country lifestyle retailer - Peel Hunt LLP says that Tom Joule and discretionary trusts controlled by him have sold 5.3 million shares in Joules at a price of 232 pence each, a deal worth GBP12.2 million.
The shares sold represented a 4.7% stake in the company.
Following the sale, Tom Joule - founder of Joules and its chief brand officer - holds a 21.8% stake in the company.
"Tom remains a very substantial shareholder in the company and his working relationship with, and commitment to, the company is unchanged," says Peel Hunt, which is acting for the selling shareholders in the placing.
In a statement earlier on Tuesday, Peel Hunt said the sale was being undertaken to achieve greater portfolio diversification on the part of Tom Joule, who last sold shares in Joules in 2016.
The company will not receive any proceeds from the placing.
Current stock price: 232.00 pence
Year-to-date change: up 37%
By Lucy Heming;Â lucyheming@alliancenews.com
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