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.

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Dalriada Media LLC sites are edited by veteran news journalist Mark McSherry, a former staff editor and reporter with Reuters, Bloomberg and major newspapers including the South China Morning Post, London's Sunday Times and The Scotsman. McSherry's journalism has also appeared in The Washington Post, The Guardian, The Independent, The New York Times, London's Evening Standard and Forbes. McSherry is also a professor of journalism and communication arts in universities and colleges in New York City. Scottish-born McSherry has an MBA from the University of Edinburgh and a Certificate in Global Affairs from New York University.