Keywords Studios founders, CEO sell 8% stake

The founders and the chief executive of AIM-listed Keywords Studios have sold just under 4.5m shares in the company, or an 8.1% stake.

PEQ Holdings, the holding company of the founders of Keywords led by non-executive Giorgio Guastalla and CEO Andrew Day successfully sold 3,978,000 and 500,000 ordinary shares at 820p per share.

Following the sale, PEQ and Day will retain beneficial interests in around 7.2% and 5.9%, respectively, of the company. PEQ and Andrew Day have agreed to lock-in arrangements in relation to the balance of their ordinary shares of 180 days.

Andrew Day said: "The sale will help broaden the company's shareholder register and help satisfy some of the institutional demand for the company's shares. Giorgio and I retain significant holdings in the company following the sale ensuring we are aligned with new and existing shareholders to continue to drive the company forward."

At 1255 BST, the shares were down 5% to 818p.