Motorpoint shares crash as co-founder sells 11m shares
Car supermarket Motorpoint tanked on Friday after the company's co-founder and non-executive director David Shelton sold 11 million shares at 200p each.
Shelton, who carried out the sale through Shoby Investments Partnership with Numis acting as sole bookrunner in the placing, raised £22m.
Shelton and his associates had originally planned to sell at least 8m shares. Following the sale, they hold just under 2.4m shares or about 3% of the issued share capital.
Separately, Motorpoint announced that it has agreed to buy 2.6m placing shares from Shelton and his associates at 200p each. This represents an interest of about 23%.
At 1100 BST, the shares were down 15.4% at 203p.