Countryside Properties divisional chiefs place 11m shares

Divisional chief executives Richard Cherry and Graham Cherry have sold just over 11m shares in Countryside Properties, or a stake of around 2.4%, at 325p per share.

The placing was conducted through an accelerated bookbuild, with Numis Securities acting as sole bookrunner. Following completion, Richard will continue to hold 6.6m shares in the company or 1.5%, while Graham will hold 8.9m shares or 2%.

Richard's shares will be subject to a 90-day lock-up after completion of the placing, while Graham's will be subject to a 180-day lock-up.

Richard Cherry is chief executive of the company's partnerships division, while his brother Graham is CEO of the new homes and communities division. They are the sons of the company's founder, Alan Cherry.

At 0845 BST, the shares were down 1.6% to 325.20p.