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Fevertree founder Charles Rolls sells twice as many shares as expected
Posh mixers maker Fevertree Drinks slumped on Friday as co-founder and deputy chairman Charles Rolls sold 3m shares in the company, or a 2.6% stake.
Rolls ended up selling twice as many shares as initially planned due to "significant" institutional demand. The shares were sold at 2,750p to institutional investors in a placing managed by Investec.
Following the placing, Rolls will hold just over 9.9m shares in the group, which represents a stake of around 8.6%.
Fevertree - whose shares have risen more than 90% in the last 12 months - reported a 66% jump in full-year revenue earlier this month as adjusted earnings before interest, tax, depreciation and amortisation rose to £58.7m from £35.8m. It attributed the gains to strong growth across all regions, channels, flavours and formats, with the UK once again delivering an "exceptional" performance.
At 1035 GMT, the shares were down 5.6% to 2,791p.