Co-founder sells $130k of shares
A co-founder of 2 Cheap Cars and a fellow trustee have sold more than $130,000 in shares in parent company NZ Automotive Investments (NZAI) over the past month.
Eugene Williams, pictured, and TLR Williams Trustee Company Ltd, of which former NZAI non-executive director Tracy Rowsell is sole director and shareholder, are known together as the Williams Trustees. They now hold a 33.3 per cent stake in NZAI.
A notice to the NZX on May 30 shows Williams Trustees have made aggregated on-market sales of 542,555 ordinary shares for a total consideration of $130,781.57.
The sales took place in 13 transactions between May 5 and May 26, with the transferees listed as unknown.
A further 200,000 shares were sold by Williams Trustees in February 2022 and netted $186,000.
The notice adds that Williams Trustees and Sena Trustees, of which 2 Cheap’s other co-founder David Sena is a part, were previously joint registered holders of more than 11 million NZAI shares.
Those shares were subject to trading arrangements agreed in a sale process deed dated February 15, 2021, that was entered into between the parties.
The notice continues: “Those trading arrangements expired on April 1, 2023, in accordance with the terms of the sale process deed, such that on and from April 1, 2023, the Williams Trustees no longer had a relevant interest in any shares held by the Sena Trustees.”
A disclosure released to the NZX on May 31 adds that Sena Trustees, of which the substantial product holders are Sena and Tompkins Wake Trustees 2022 Ltd, remain joint registered holders of more than 20 million ordinary shares in NZAI.
A further notice from May 30 discloses that NZAI no longer has a relevant interest in a batch of escrowed shares that were part of an escrow deed involving Sena Trustees and Williams Trustees dated February 15, 2021.
Escrow restrictions ended the day after NZAI released its annual results on May 29.
The company notes it still has a relevant interest in 170,000 company shares held by Martin James Blockley, Jonathan Michael Alan Purdey and Withers Tsang & Co Trustees Ltd.
