Director dealings: Big Yellow founder lowers stake
Nicholas Vetch, executive chairman of self-storage firm Big Yellow Group, disposed of 800,435 ordinary shares in the London-listed company on Monday.
Big Yellow Group
1,060.00p
15:08 19/04/24
FTSE 250
19,347.50
15:10 19/04/24
FTSE 350
4,324.62
15:10 19/04/24
FTSE All-Share
4,280.47
15:10 19/04/24
Real Estate Investment Trusts
2,198.19
15:10 19/04/24
Byways Investments, a company beneficially owned by Vetch's children, disposed of the shares at an average price of 948.54p each for a total of £7.59m.
Following the transaction, Vetch, who founded the business in 1998, held 7.98m Big Yellow shares, representing 5.03% of the firm's entire issued share capital.
Back in June, analysts at Berenberg said they saw little reason to doubt the continuation of the firm's success story but, with the company's shares trading at all-time highs, the broker believes that investors should await a "more attractive" entry point before increasing their holdings.
Berenberg downgraded its stance on the Surrey-based self-storage company to 'hold', even as it upped its target price from 920p to 1,000p in order to account for Big Yellow's updated development pipeline.
As of 1420 BST, Big Yellow shares had lost 1.15% to 942p.
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