Shoe Zone leaders increase stakes as non-exec director steps down

By

Sandra Halliday

Published
Aug 26, 2020

The CEO and Chairman of budget footwear and accessories retailer Anthony and Charles Smith have increased their stakes in the listed company via an asset swap following the departure of non-executive director Jeremy Sharman.

The move comes as the Sharman Family Pension fund (of which Jeremy Sharman is a beneficiary) has sold its entire holding of 234,375 ordinary shares of the firm to Sheepy Magna Investments Limited and Slawston Investments Limited. The first is an investment vehicle in which Charles Smith has a 50% interest and the second an investment vehicle in which Anthony Smith has a 50% interest.

The transaction happened earlier this month at a price of 61p per ordinary share, although the company’s shares were trading at only 53.5p at Tuesday’s close.

It means Charles Smith now controls more than 11 million ordinary shares representing over 22% of the total voting rights of the company and Anthony Smith’s interest has risen to over 14 million ordinary shares, representing over 28%. They now control 50.48% of the total voting rights between them.

The purchase happened as Jeremy Sharman resigned as a non-exec director and the firm appointed Victoria Norrish in his place. 

Norrish is currently Supply Chain Director at TheWorks.co.uk plc, having previously held roles as Strategic Development Director from July 2018 to January 2019 and Finance Director from November 2008 to July 2018. She previously worked as Head of Management Accounts at Jessops, having commenced her career as an auditor with KPMG and Godkin & Co.

Sharman was involved in recruiting his successor and Norrish “will bring a wealth of talent and experience to the board. Shoe Zone is a first class company which treats all of its stakeholders, customers, staff and shareholders with the utmost integrity. I wish the team every success in the future”.