LONDON - On the Beach Group plc (LSE: LON:OTB.L), a prominent UK online retailer for beach holidays, disclosed a significant share transaction involving its founder. Simon Cooper, who also serves as a non-executive director, sold 3 million ordinary shares at a price of 228 pence per share through Hawksford Trustees Jersey Limited, a person closely associated with him.
The transaction, which took place on Monday, saw Cooper divest a portion of his holdings in the company. Despite the sale, Cooper retains a substantial stake in On the Beach, with an interest in 9,521,226 ordinary shares, equating to 5.7% of the issued share capital. This stake is divided between Hawksford Trustees Jersey Limited, holding 4.45%, and Cooper himself, personally holding 1.25%.
In a statement, Cooper expressed his continued belief in the company's direction and leadership, stating, "I remain a significant and long-term shareholder in the Group and have every confidence that Shaun and the team will deliver on the recently outlined medium-term ambitions."
The share sale follows Cooper's previous reinvestments into On the Beach in 2022 and 2023, indicating his ongoing commitment to the company's growth and success. On the Beach has positioned itself as a challenger to traditional tour operators and online travel agents with its customer-centric, asset-light approach.
The company's innovative technology and low-cost base have allowed it to be profitable and cash generative, as it continues to disrupt the online retail of beach holidays. This transaction was conducted on the London Stock Exchange (LON:LSEG) and has been reported in accordance with the UK Market Abuse Regulation.
This news is based on a press release statement from On the Beach Group plc and provides an update on the shareholding dynamics within the company, which may be of interest to investors and market watchers.
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