Malcolm Walker has generated around £13.6m from the sale of four million of his personal shares in UK frozen food retailer Iceland. The co-founder and executive chairman of the group revealed that he still controls 0.48% of the company in the shape of 1.65m shares.
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His shares sold at 339.13p each before the share price slipped yesterday (20 December) to 325.5p. Responding to speculation that his action revealed a loss in interest in Iceland, Walker commented: “If I didn’t have faith in the company, I’d have sold the lot.”
“It’s not unreasonable to sell, is it?” he added, “I’ve held shares in the company for 30 years [and] as a founding director, there’s never a right time to sell. It’s nothing to do with not having faith in the company.”
A total interest of £4.5m is still retained in Iceland, in the form of executive share options and long-term incentive scheme shares.
Walker plans to become non-executive chairman during 2001, and only last week another management shuffle was finalised when it was revealed that ex-Booker chairman Stuart Rose, who abruptly left his CEO role last month, is to be replaced by Bill Grimsey in January.
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By GlobalDataSo what will Walker spend his newfound windfall on? Not necessary an “expensive” Christmas, it seems as he insists: “I always buy my wife a nice present.”
To find out about Stuart Rose resigning as Chief Executive of Iceland Group plc, click here.
