Chief executive Chris Macdonald reduced his stake by 150,000 shares, Richard Spencer by 130,000 and Jonathan Gumpel by 105,000.
Post-sale, the directors entered into a lock-up agreement stating that each of them and their families would not sell or transfer any of their shares without the written consent of the company for the next two years.
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The three directors were the co-founders of the company in 1991.
Regarding the sale, Christopher Knight, chairman, remarked: "They have sold down their stakes for personal investment diversification reasons. The disposal has the benefit of improving liquidity in the company’s shares. Retaining approximately 20.4% of the company’s shares in aggregate, the directors are fully committed to the company and their interests remain wholly aligned with those of all shareholders."
After the sale, Macdonald retains a 7.45% stake in the business, Spencer has a 7% holding whereas Gumpel has 5.9% stake, aggregating a total of 20.4% of the shares in the issue.
The directors have also agreed not to sell or transfer any of their current shareholdings over the next two years without prior consent of the company.
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