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ASOS senior management offload £94mln worth of shares

Published: 02:38 24 Oct 2013 EDT

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ASOS (LON:ASC) chief executive Nicholas Robertson and chief financial officer Nicholas Beighton have reduced their holdings in the company, selling shares at £50 a pop.

The pair announced their intention on Wednesday to dispose of a chunk of shares awarded through the management incentive plan. In conjunction with certain other members of the senior management team, 1.88mln shares have been placed in the market, raising £94.1mln in total.

The shares were offered to institutional investors by way of an accelerated book-build, which is City jargon for brokers hitting the phones and asking all the usual suspects how much they would be prepared to pay for the shares and how many they would like.

ASOS shares closed at £52.05 on Wednesday after the company delivered another sparkling set of results. Analysts had pencilled in a figure of £53.7mln for profit before tax in the year to the end of August, but the company topped that with £54.7mln, up 23% from £44.5mln (excluding exceptional charges) last year.

ASOS floated on AIM in August 2008 when the shares could be had for a bargain 356p each.

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