Rose offloads almost all his AO World stake
WHITE goods retailer AO World yesterday announced that non-executive chairman Richard Rose had sold nearly all of his stake in the company for £10m.
AO World, which floated on the London Stock Exchange a year ago, said Rose sold 1.3 per cent of its outstanding shares at a price of 180p. Its shares closed down 4.96 per cent at 182.10p yesterday.
The move comes a month after it shocked markets with a profit warning amid tougher trading conditions. It said some of the revenue growth to date had been down to extra publicity surrounding the company at that time.
John Roberts, AO World’s chief executive, said: “The share sale by Richard Rose follows the expiry of the post-IPO lock-up [initial public offer] and will help to further increase liquidity and the number of shares in public hands.”
“Richard remains committed to the company, both as a shareholder and as its chairman.”