15 Jul 2013

Smiths City directors sell 2.5m shares

7:28 am on 15 July 2013

Three directors of the department store chain, Smiths City have collectively sold 2.5 million shares in the company to an existing US-based shareholder.

All three sold their shares at 61.5 cents each compared with Friday's closing price of 60 cents.

Smith City managing director Rick Hellings sold 1.25 million shares, director Craig Boyce sold 1 million shares, and another director, John Dobson, sold 250,000 shares.

All the shares were bought by a company associated with the San Francisco-based fund manager, Don Campbell, increasing his stake in Smiths City from 12% to just over 17%.

Rick Hellings says Mr Campbell was unable to buy the shares on the open market, so the directors decided to sell their own.

Mr Hellings says the directors put a parcel together to ensure the company retained Mr Campbell as a long-term investor.