Rivington Street Holdings (RIVP) the company I used to run yesterday announced that I had sold all my RSH shares. Just to reassure you, this is not in fact the case. Indeed not. Methinks a correction should be issued tomorrow but in case Rivington takes a month to issue that correction ( see below) I thought I better put the record straight myself.
The statement issued reads:
Further to the announcement dated 1 May 2012, the Company has completed the sale of Real Man Pizza Company Limited (“RMPC”) to Tom Winnifrith, a former director of the Company, for a consideration of 400,000 shares to be returned to the Company for cancellation.
As a result of the above transaction, the Company’s issued share capital will comprise 43,978,398 Ordinary Shares of 1 penny each following the cancellation.
RSH has also been informed by Mr Winnifrith that he has transferred his remaining holding of 4,300,000 shares into the name of RMPC which is, in turn, now owned by a non-beneficial trust. This holding represents 9.78% of the reduced issued share capital.
The 400,000 share trade happened almost a month ago. I always used to think share trades which move a holding through a percentage point had to be disclosed at once. Whatever. What do I know? Or frankly care.
The other actions happened early last week. Yes, I sold 4.3 million shares to RMPC and yes RMPC is now owned by a trust over which I have no control and am not a beneficiary. So this trust effectively owns (for now) just under 10% of RSH.
But I still have 3,566,317 shares in RSH in my own name and that of my pension (8.11% of the company). In case there is some delay in issuing that correction I thought I better put the record straight.