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Card Factory bosses to sell 7.4mln shares

Just over a year after the company floated, senior figures at Card Factory are reducing their holdings in the company

Card Factory

“Congratulations on reducing your stake in the company” could be the new greetings card on its way to senior figures at Card Factory (LON:CARD).

Various directors and members of the card seller’s senior management team are selling, in aggregate, 7.4mln shares, representing around 2.2% of the Card Factory shares in issue.

The shares will be placed with institutional investors.

If the placing goes ahead, the sellers would still control 16.6% of the company’s shares, with chief executive officer Richard Hayes holding 3.8%, and chief financial officer Darren Bryant controlling 1.9%.

The sellers have agreed not to offload any more Card Factory shares for at least another three months.

Card Factory came to the market just over a year ago, with the shares floated at 225p. At last night’s close, the mid-market price of the shares was 359.5p.

Quick facts: Card Factory

Price: 89.75 GBX

Market: LSE
Market Cap: £306.54 m

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