Danish fashion group Bestseller has announced the successful conclusion of its sale of 2m shares in fashion etail giant ASOS, generating more than £112m in proceeds.
Via a wholly owned subsidiary called Aktieselskabet af 5.5.2010, Bestseller had been amassing shares in ASOS since 2010 and last March took its stake to 29.16%, just beneath the 30% threshold at which it would have been obliged to make a take-over offer according to stock market rules. It is ASOS’s largest backer.
However last night the company, which owns brands such as Jack & Jones, Vila, Selected and Toast, said it was offloading a stake which amounted to 2.4% of the issued share capital of ASOS as part of its on-going management of its investment portfolio.
The share placing, managed by Numis Securities, began after the markets closed yesterday and this morning the company said it had successfully sold the shares for £56.85 per ordinary share.
Bestseller has retained a 26.66% stake in ASOS and has said in the long-term is has no intention of reducing its stake to below 25%.
“We have been shareholders in ASOS since 2010 and have always had the long term interests of the business at heart. As part of our active management of the Heartland investment portfolio, we have sold a small percentage of our holding. We are delighted to remain supporters of the business and the management team and have no intention to see our position fall below 25% in the long term,” said Heartland CEO Lise Kaae.
Shares in ASOS were trading down by almost 5% at £56.92 at the time of writing on the back of the sale.