The founders of Keywords Studios PLC (LON:KWS) have sold a sizeable chunk of their stake in the video game ancillary services group to meet institutional demand.
Andrew Day, chief executive, and PEQ Holdings Ltd, a vehicle for founder and non–executive Giorgio Guastalla, combined sold just shy of 4.5mln share or 8.05% of the company at 820p per share.
Earlier this week shares in the group hit an all time–high of around 862p, valuing it at just shy of £500mln.
Day said: "The sale will help broaden the company's shareholder register and help satisfy some of the institutional demand for the Company's shares.
“Giorgio and I retain significant holdings in the company following the sale ensuring we are aligned with new and existing shareholders to continue to drive the company forward."
Following the sale, PEQ and Andrew Day will hold stakes of 7.2% and 5.9% respectively and have agreed not to sell any more for a minimum of 180 days.