Warpaint London PLC (AIM:W7L)’s chief executive and managing director have sold £31.5 million worth of shares in the make-up company.
Some 3.5 million shares were sold by Samuel Bazini and Eoin Macleod respectively at 450p each, equating to 9.06% of the issued capital.
East still owns a 20.64% stake in the company following the placement, which Warpaint said on Thursday came in response to strong investor demand.
“The placing was substantially oversubscribed and was very strongly supported by both existing and a large number of new institutional investors,” the company said.
Warpaint had originally set out to sell 6 million shares, for which Shore Capital acted as bookrunner, but raised this to 7 million due to strong demand.
Shares in the AIM-listed group have surged higher after full-year results last month, which revealed pre-tax profit had jumped 136% to a record £18.1 million.
Remaining shares held by chief executive Bazini and managing director Macleod, who first partnered in 1992 before going on to set up Warpaint, will be subject to a year-long lock-up following the move.
Shares opened 0.9% lower on Friday, after having risen 24.6% this year so far.