Dixons boss offloads shares, stock drops
Sir Stanley reckons business is overvalued?
Posted in Business, 14th February 2001 12:50 GMT
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Dixons chairman Sir Stanley Kalms has offloaded more than third of his stake in the company causing shares in the business to plummet.
Kalms remaining holding dropped £785,000 on the move, because his decision seriously put the wind up other investors who also started selling.
Kalms is known for being a smart stock market player so he probably felt Dixons share price was overvalued.
The boss of Dixons, Currys, PC World, and the Link, has entered into a complicated stock loan and hedging agreement. He has agreed to loan the three million shares to an unnamed third party, but he can reclaim them all at a later date. Kalms is expected to sell the shares and the hedging agreement means he can sell at a fixed price.
Other directors sold shares as well. ®
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