For Esprit, its $154 million block trade marks the second time this year that Chairman Michael Ying has reduced his stake in the company. This time he has done it as the stock hits an all time high, with Credit Suisse First Boston leading a 50 million share deal for the group.
Pricing was completed at HK$23.45 per share, representing a 5% discount to the stock's HK$25.20 close on Thursday. As a result of the deal, Ying has reduced his stake from 38% to 34% and increased the freefloat of the company by about 8%.
One of the reasons for completing the deal was to increase liquidity in a...
