JD Sports shares dip after share sale
JD Sports shares plunged after the company’s largest investor, Pentland,jd sold holdings worth £177 million.
The retailer’s stock slid 10.2 per cent to 721.9p in early trading after majority owner Pentland Group confirmed the major shares sale.
Pentland, which also owns sportswear brands such as Speedo and Berghaus, said it sold 24 million shares in the company at 740p each.
The group will now have a 55 per cent stake in the FTSE 100 retailer, having first purchased a 57.5% holding in the business in 2005.
Chairman Stephen Rubin said: “Pentland is committed to remaining a long-term majority shareholder in JD at the same time as growing our portfolio of sports, outdoor and fashion brands through organic investment and acquisitions.
“Today’s share sale enables us to further this strategy by realising a small portion of our shareholding in JD to fund future investment activity, as well as increasing the free float to meet the increasing interest expressed in JD by other shareholders.”