Auto Trader directors and managers sell £60m worth of shares

Auto Trader's chief executive and finance director have together sold £32.3m worth of shares in the company.

Trevor Mather and Sean Glithero made the sale of 8.7m shares at a price of 370p after the expiry on 18 March of an agreed lock-up period from the FTSE 250 group's flotation a year ago at 235p.

The sale represents almost 36% of their combined stake in the company, though CEO Mather still has 12m shares, a 1.2% shareholding, and bean counter Glithero holds 3.6m, or 0.36%.

With other managers and ex-directors selling 7.5m, a total of 1.6% of the company's entire share capital was offloaded by broker Merrill Lynch, leaving a total 4% held by current directors and managers.