(Alliance News) - Stagecoach Group PLC on Wednesday said its founders sold 11.6 million shares in the company.
Non-Executive Director Brian Souter, his sister Ann Gloag and other connected parties, referred to as the family shareholders, now own a 25% stake in Stagecoach, down from 27% prior to the sale.
Stagecoach shares were 5.0% lower at 94.68 pence each in London on Wednesday morning.
At current market prices, the sale was worth GBP10.9 million. The stock was sold to institutional shareholders.
"The business of the company was founded by Sir Brian Souter and Dame Ann Gloag over 40 years ago and the company has benefited significantly from their energy, long-term support, entrepreneurism and extensive knowledge of the transport sector," the transport firm said.
"Sir Brian Souter and Dame Ann Gloag are now aged 66 and 78 respectively and their families' financial plans are evolving."
Perth, Scotland-based Stagecoach noted Souter "remains happy" to continue as a non-executive director.
The family shareholders have a 10-year plan to cut their stake in the company to just 5%.
Stagecoach added: "The family shareholders expect to remain long-term shareholders in the company. Their ten-year plan to reduce their shareholding in the company reflects financial planning decisions to manage the balance and diversification of their investment portfolios."
By Eric Cunha; ericcunha@alliancenews.com
Copyright 2021 Alliance News Limited. All Rights Reserved.
