Sandy Adam ‘and parties’ sell £5.5m Springfield shares

Springfield Properties chairman Sandy Adam

Scottish housebuilding firm Springfield Properties announced that its chairman Sandy Adam “and his connected parties” and his brother James Adam sold four million shares in Springfield at a price of 138p per share — worth about £5.5 million.

Springfield Properties shares have been trading around 165p.

“Following completion of the placing, Sandy Adam and his connected parties will have an interest in 37,790,120 ordinary shares, representing 37.5% of the company’s issued share capital,” said Springfield.

The placing shares represent up to 4% of the company’s issued share capital.

Springfield will not receive any proceeds from the placing.