IWG shares dive after founder sells GBP94m chunk
Updated : 12:15
IWG chief executive Mark Dixon has sold £94.2m shares in the serviced office business he founded almost 30 years ago, which sent the share price sharply lower on Tuesday.
Dixon's Estorn vehicle placed 27.3m shares in the FTSE 250 company at a price of 345.1p apiece, broker UBS announced after markets closed overnight.
On Tuesday the shares fell more than 6% to 337.3p my late morning, even though the closing of the placing is not expected until Thursday.
Dixon, who founded IWG as Regus Group in Brussels in 1989, will still indirectly hold 230.86m shares in the company indirectly via Estorn, which represents a stake in the company of 25.2%.
Estorn has agreed not to sell any more shares in the company for at least 90 days without getting consent from UBS.