UK's Beauty Tech slips as CEO, CTO to trim stake
UK's Beauty Tech slips as CEO, CTO to trim stake Oct 9 (Reuters) - Britain's The Beauty Tech Group TBTG.L said on Friday that its CEO and chief technology officer will sell some of their stake in the at-home beauty device maker at a discount to last close, sending its shares down nearly 7%.
Here are some details:
CEO Laurence Newman, along with CTO Andrew Showman, will sell 750,000 shares each they own at 400 pence apiece, the company said in a statement
The selling price, set at no more than the price the firm bought back its shares last week in a reverse bookbuild, is at a 15% discount to Thursday's close
The placing by shareholders is their first since the firm's IPO in October 2025
Shares were down 6.6% at 439 pence in early trade
The directors have agreed not to sell further shares for a 90-day period from the date of completion
The aggregate sale represents about 1.4% of its issued share capital
Following the sale, Newman will hold about a 3.9% stake in the firm, while Showman will own 4.1% of it
As per LSEG data, they currently own nearly 4.6% and 4.8% in The Beauty Tech Group, respectively
(Reporting by Prerna Bedi in Bengaluru; Editing by Rashmi Aich)
((Prerna.Bedi@thomsonreuters.com; +91 98052 24616;))