Nick Candy sold £0.75m of Audioboom shares [sic]

UPDATE: Needed to amend this post to admit a mistake on the supposed sale I wrote about earlier. Nick Candy didn’t actually sell any shares, this was a function of the issue of shares in relation to the investment by Peter Antonioni. Bit of a cock-up on my part, I skipped over the form’s “Reason for the notification”, so apologies to anybody I’ve misled. Thanks to David Johnson for pointing that out.

Just wanted to quickly signal a little sale by Nick Candy, British property mogul and investor, of his shareholding in podcast company Audioboom. Two regulatory notifications published on Wednesday show Candy selling about £0.75m in Audioboom stock. Coincidentally, yesterday I posted a bit of a lengthy post on Audioboom about the consequences of the company’s failed formal sales process and a new investment by Singapore-based Peter Antonioni, through a company called One Nine Two.

Candy Ventures, a Luxembourg company Candy uses to invest in companies, notified the stock exchange of a 2.71% reduction in shareholding, dropping Candy’s interest in Audioboom from 26.3% to 23.59%. With some back-of-the-fag-packet calculations, I calculate that Candy sold a total of 424,779 shares. Now, I doubt he would have been able to get rid of these on the open market straight away, and glancing at LSE’s historic trade data, I don’t see hefty volume like that. To note, the closing price on 11 November was 197.50p a share, the day Candy’s trade was supposed to have crossed or reached the threshold of notification.

Taking a look back over the past week as a guide, we can see the price changing between the 170p and 200p level, with particular volume around 6-9 November. If we take the lower bound of that price, 170p a share, then Candy’s sale would have been worth about £722,000. Being slightly more optimistic, using the midpoint of those bounds, 185p, that gives Candy a more substantial £785,000. So I think we can safely assume he netted £0.75m.

It seems like a negative development, Candy selling a small chunk of his shareholding, which at 197.50 a share (closing price on 11 November), is still worth £7.3m, by my calculations. If he is confident in the company’s prospects going forward, then why is he taking some of his chips off the table?

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2 Comments

  1. There was no share sale. The dilution is a function of the subscription shares being admitted. This is set out in the two TR-1 announcements in the ‘Reason for the notification’ section.

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