Wylie sells Sage shares for £116m
Former Sage managing director Graham Wylie yesterday sold a 5% stake in the company he co-founded for a total of £116.3m.
Wylie, who left the company in May, sold 65 million shares at 178.5p in a disposal arranged by Deutsche Bank. It is thought that he will use some of the money from the sell-off to start up a new business venture. He still however holds a 3% share in the Newcastle-based financial software company.
Earlier this week Sage reported earnings in line with market expectations and a 12% rise in pre-tax profits to £151m.