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JD Sports slumps after Pentland stake sale

By Michele Maatouk

Date: Wednesday 11 Dec 2019

LONDON (ShareCast) - (Sharecast News) - JD Sports was under the cosh on Wednesday following reports that its largest shareholder, Pentland Group, had sold off a stake in the sportswear retailer.
Pentland was said to have sold around 24 million shares in a placing, at 740p each.

At 1320 GMT, JD shares were down 10% at 724.80p.

CMC Markets analyst Michael Hewson said: "Despite the sale Pentland still remains a majority shareholder in the business owning 55% of the share capital, and the shares are still up over 100% year to date, which doesn't seem too bad a return."

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