Dixons boss offloads shares, stock drops
Sir Stanley reckons business is overvalued?
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. ®