Sports Direct International Plc Executive Founder and Executive Deputy Chairman Mike Ashley reduced his stake in the UK-based sporting goods retailer by 2.57 percent to 55.14 percent Monday by selling 15.4 million ordinary shares for roughly $168 million.
Ashley disposed of the shares at a price of 720 pence, or nearly $11, per ordinary share, reducing MASH Holdings stake in Sports Direct to 330 million ordinary shares, or 55.14 of the issued ordinary share capital of the company.
Sports Direct learned Jan. 21, that MASH Holdings had also gifted 303,507,460 shares equal to 50.71 percent of the retailer's issued share capital to a subsidiary called MASH Beta Ltd. In connection with the sale, MASH Holdings Limited agreed not to sell,
or otherwise dispose of, any interest in any ordinary shares of the
company, or enter into any transaction having a similar economic effect,
for a period of 170 days starting Jan. 20, 2015.
Ashley founded Sports Direct the company in 1982 and built it into the UK's largest sporting goods retailers and a leading European distributor of Nike, Adidas, Reebok, Puma as well as its own brands, which include Dunlop, Slazenger, Everlast and the outdoor brand Karrimor. In addition to its stores in the United Kingdom, Sports Direct operates 270 stores in 19 European countries, where it has been acquiring regional sporting goods chains.
