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Director dealings: GlobalData chief offloads 1.7m shares due to 'institutional demand'

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Director dealings: GlobalData chief offloads 1.7m shares due to 'institutional demand'

Fri, 06 October 2017
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Director dealings: GlobalData chief offloads 1.7m shares due to 'institutional demand'
Globaldata Quote more

Price: 580.00

Chg: 0.00

Chg %: -0.00%

Date: 16:55

(ShareCast News) - GlobalData chief executive Michael Danson sold 1,700,000 ordinary shares of the business information and services firm's stock on Friday at an average price of 540p, for a total value of £9,180,000.
GlobalData said Danson had chosen to sell the shares, equating to roughly 1.7% of the company's issued share capital, due to "increased institutional demand."

Danson, one of GlobalData's co-founders, was still in possession of 69,604,325 ordinary shares - just over 68% of the firm's equity - after the placing.

Settlement of the placing was expected to take place on 20 October and would be managed by N+1 Singer.

The company said it would not receive any proceeds as a result of the placing.

In its unaudited interim report for the six months leading up to 30 June GlobalData announced "strong revenue growth" as its business model was said to be progressing well.

The group increased its revenue by 23% to £57.9m, turning its 2016 pre-tax loss of £1.3m into a £8,000 profit.

At the time, Bernard Cragg, executive chairman of GlobalData, said "We are beginning to see the benefits of scale and consistency. The half-year results reflect the good progress we have made in developing our business model, the fundamentals of which are robust, profitable and engineered for long-term growth."

As of 1630 BST, GlobalData shares had dropped 5.07% to 541.08p.

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