Family cuts stake
Souter and Gloag sell down holdings in Stagecoach
Brian Souter: happy to remain on board (pic: Terry Murden)
Stagecoach Group founders Sir Brian Souter, a non-Executive director, and his sister, Dame Ann Gloag have begun scaling back their holdings in the company they founded 40 years ago.
They have sold 11,568,454 shares to institutional shareholders which will reduce the overall interest of Sir Brian, 66, and Dame Ann, 78, and their families from 27.1% to approximately 25%. They plan to reduce their stake to 5% each over ten years.
At yesterday’s closing price the sale would have raise gross proceeds of just under £11.5 million.
Sir Brian Souter said he is happy to remain a non-executive director in the firm.
“My sister, Dame Ann Gloag, and I are reducing our families’ shareholdings in Stagecoach as part of a ten-year plan to rebalance our families’ investment portfolios,” he said. “We remain significant long-term shareholders in Stagecoach and remain supportive of the company’s strategy and management team.
“I am happy to continue as a non-executive director of Stagecoach. I look forward to supporting the company as we recover from the impact of COVID-19 and play our part in helping government meet its objectives to grow bus patronage and tackle climate change in the years ahead.”
RBC Europe acted as sole bookrunner.