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It’s pay day! Bruce brothers cash in over £17m from Purplebricks share sales

fIXFLO news story

Michael Bruce, CEO of Purplebricks, this morning cashed in some 3.6m shares in the company.

The shares were held by his wife Isabel. CEO Bruce will still hold an interest in 37.7m shares, or a 14% stake in the business.

The result of the book build of altogether some 7.9m shares was announced this morning, and at £3 per share the Bruce couple pocket £10.9m.

Michael Bruce’s brother Kenny, co-founder of the business, picks up nearly £6.5m from the sale of 2.1m shares.

The announcement of share sales by directors and senior managers was made to the stock exchange after the close of trading yesterday.

Chief financial officer Neil Cartwright and independent non-executive director William Whitehorn are also selling – 1m and 250,000 shares respectively.

Also selling shares are five non-main board directors, but described as ‘persons discharging managerial responsibilities’ at Purplebricks.

Kenny Bruce, in charge of sales, has sold just over 2m shares, bringing him in around £6.4m.

The others who have sold smaller amounts of shares are finance director Matthew Farrow; marketing director James Kydd; chief information officer David Shepherd; and chief technology officer David Kavanagh.

In a lock-out, none of the sellers “and their connected persons” will be able to sell more shares for six months.

In total, up to 7.9m shares in Purplebricks have been sold, equal to 2.9% of the company.

It was also announced to the stock market yesterday that Woodford Investment Management, which had held 28% of the shares in Purplebricks, now holds a 26.5% stake following the admission of new shares on Monday this week, and the consequent dilution if Woodford had not fully taken part in that placing.

Yesterday, shares in Purplebricks closed at 303.75p.

The company has only just raised £50m for its American operation at 220p, so this latest successful share placing at 300p provides an indication of the appetite by institutions for further investment.

At £3 per share, the business has a market capitalisation of £750m.

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Source:: It’s pay day! Bruce brothers cash in over £17m from Purplebricks share sales