The founders of video game industry supplier Keywords Studios PLC (LON:KWS) are selling shares to meet institutional demand.
Keywords, which provides technical services to video game developers, said non-executive director Giorgio Guastalla and chief executive Andrew Day have together sold up to 5.5 million shares.
They have sold the shares, which represent about 10.2% of the company’s issued share capital, through their holding company PEQ Holdings.
PEQ and Andrew Day will keep about two thirds of their stakes or 14.8%. and 7.2%, respectively, of the issued ordinary share capital.
Day said: "The proposed sale will enable Keywords to satisfy institutional demand for the group's shares and broaden our shareholder base, whilst also allowing Giorgio to diversify his family's portfolio of investments which
has substantively been in Keywords since he and his wife founded the business in 1998.
"This is the first sale of shares since the IPO in 2013.”