Stagecoach has notified that connected parties of Sir Brian Souter, Non-Executive Director, and his sister, Dame Ann Gloag have disposed of 11,568,454 ordinary shares in the company to institutional shareholders, representing 2.1% of the company’s issued share capital. The disposal reduced the overall number of shares held by Sir Brian Souter, Dame Ann Gloag and parties connected with them from approximately 27.1% to approximately 25.0%. Having founded the company 40 years ago, Sir Brian Souter and Dame Ann Gloag are now aged 66 and 78 respectively.
Stagecoach said that Sir Brian Souter has indicated to the company that he remains happy to continue as a Non-Executive Director. No other members of the family are involved in the management of the company. The company said that the family shareholders now have a 10-year plan in place to reduce their shareholdings from the approximately 27% holding to approximately 5% (in each case, excluding any shares held by the company in treasury), which the firm said ‘reflects financial planning decisions to manage the balance and diversification of their investment portfolios.’ The family shareholders expect to remain long-term shareholders in the company.
Commenting on the plan, Sir Brian Souter said: “My sister, Dame Ann Gloag, and I are reducing our families’ shareholdings in Stagecoach as part of a 10-year plan to rebalance our families’ investment portfolios. We remain significant long-term shareholders in Stagecoach and remain supportive of the company’s strategy and management team.
“I am happy to continue as a Non-Executive Director of Stagecoach. I look forward to supporting the company as we recover from the impact of Covid-19 and play our part in helping government meet its objectives to grow bus patronage and tackle climate change in the years ahead.”
