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Asos shares take a dive as directors sell off shares totalling £48m Friday, 26th October 2012
Photo credit: Asos
Shares in the online fashion website fell 7 per cent to £21.57 on the back of reports that a handful of the retailer’s directors had sold off a chunk of Asos stock.
Asos chief executive Nick Robertson sold 744,792 shares at the discounted rate of £21.50, raiding £16 million. The shares are around half of those recently awarded to Robertson as part of a long-term incentive plan. The chief executive still owns 7.7 million shares in the retailer.
According to a report by the Telegraph Lord Alli, chairman of Asos, also raised £16.7 million through selling shares, while chief financial officer Nicholas Beighton sold £7.85 million of his shares. Jonathan Kamuluddin, international director for the fashion-forward brand, sold £6.6 million, while e-commcer director James Hart sold £969,000.
The sales come just a day after Asos reported a 40 per cent rise in year profit, with strong trading overseas managing to offset a slower domestic market in the UK.