York-based online musical equipment retailer Gear4music plc said on Monday that CEO Andrew Wass sold 1.65 million shares in the company at £7.30 per share, representing 7.9% of the company’s issued share capital.

“Mr Wass has advised the company that his sale of ordinary shares in the company is to satisfy existing market demand,” said Gear4music.

“Following the sale, Mr Wass would in aggregate hold approximately 4,701,593 ordinary shares, representing approximately 22.4 per cent. of the company’s issued share capital (a decrease from approximately 30.3 per cent.)

“It is intended that the sale shares will be offered to certain institutional investors.

“The sale is subject to demand, price and prevailing market conditions.

“The results of the placing will be announced as soon as practicable.”