Clipper chairman sells £62m of shares; 11% of firm

Steve Parkin

UPDATE 2 — Leeds-based retail logistics firm Clipper Logistics said Carlton Court Investments Limited, a company ultimately controlled by Clipper’s executive chairman Steve Parkin, sold 11 million shares in Clipper — about 10.8% of the company’s issued share capital — for £5.65 per share to raise proceeds of £62.2 million.

Clipper Logistics shares have soared about 100% in the past 12 months to around £5.75 to give the firm a stock market value of almost £600 million.

Following the sale, Parkin will hold 14.1 million shares in Clipper, about 13.9% of the company’s issued share capital.

“The remainder of the company’s ordinary shares held by the selling shareholder following the placing will be subject to a lock-up which ends 180 days after completion of the placing (subject to waiver by the joint bookrunners and to certain customary exceptions),” said Clipper.

Parkin said: “I remain as confident and focused as ever in the future growth prospects of Clipper.

“Over the last year we have demonstrated our ability to act quickly and effectively to solve complex challenges for our clients, and the growth we have delivered through this period is testament to Clipper’s leading position in the ecommerce logistics market.

“Following the placing I remain a substantial shareholder in the business and welcome the new shareholders that have come onto the register.”

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