Added to Superdry

Superdry (SDRY.L FTSE Mid 250, Market capitalisation: £1000m, 1252p, 2.5% of JIC Portfolio and 0% of JIC Top 10)

 

This morning it was announced that Julian Dunkerton, the founder of the company, had sold 5.5m shares, 6.7% of the issued share capital, at 1285p per share through a placing with institutions.

 

That leaves him with 15.1m shares or 18.5% of the issued share capital. He has agreed not to sell any more shares for 90 days.

 

The share price has reacted badly first thing. I expected it might be off a little but over 8.0% to 1247p seems an over-reaction. Mr Dunkerton no longer has an operational role at the company, recent results were encouraging and the shares look good value to me.

 

I have added to the position, taking it to 2.5% of the JIC Portfolio.

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