Ed Williams, founding managing director of UK market leader rightmove.co.uk, has sold almost half his ordinary shares in the company.
rightmove.co.uk’s statement does not comment on the reasons for the sale, but says Williams sold 1,136,068 ordinary shares at an average price of 699.9325p per share.
Williams has held ordinary shares in rightmove.co.uk since the company’s flotation in March 2006. Following this sale, Williams holds 1,271,927 ordinary shares, which is around 1.1 percent of the company.
The shares were sold on 18 June, one day after the announcement of Google Maps’ UK property search.
telegraph.co.uk reports that this is the second time Williams has sold his shares in the company – in March 2007, he sold 300,000 shares, raising £1.4 million.
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{ 2 comments… read them below or add one }
It’s not surprising that Ed William’s has decided to reduce his shareholding. Google’s market entry will put RM under significant pressure. Decreased subscriptions, reduced revenues and a lower share price are inevitable.
If Google, Bing et al gain traction in property search there is probably no way back for the paid for property portals.
nice payday anyway