Connells Sells 18% Stake in rightmove

Today it was announced that Connells has sold 18% or 21m shares in rightmove for 155 pence / share. This announcement comes a day after Connells extended a long standing marketing agreement with rightmove that sees it advertising on the site until 2012.

The shares sold by Connells were sold through the secondary market and follows an agreement between UBS Ltd, Numis Securities Ltd and the selling shareholder Connells, which is owned by Skipton Building Society.

The shares were sold for 155 pence / share, a 16% discount off Thursday’s closing price.   This netted Connells 31m pounds.

Shares in rightmove have taken a battering over the last 18 months having slumped from a high of 628 pence per share in June 2007 to a current trading price of 163 per share – a 74% drop.

Connells was one of the founding shareholders of rightmove.co.uk.

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