Feb 4, 2010
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Esprit ex-chairman selling up to $397 million shares

Feb 4, 2010

HONG KONG, Feb 4 (Reuters) - The former chairman of Esprit Holdings (0330.HK), the world's No.7 fashion retailer, is selling shares worth up to $397 million, according a term sheet.

Photo: www.esprit.co.uk

The share sale came after the company announced a forecast-beating 5.2 percent fall in profit for its fiscal first half on Wednesday 3 February, saying it aimed to expand its China network and broaden its footprint in Asia to improve its geographical balance.

Michael Ying Lee-yuen, former chairman of Esprit, was selling 55 million shares at HK$54.25 to HK$55.95 each -- a discount of 3 to 6 percent to Thursday (4 February)'s closing price, according to the term sheet obtained by Reuters on Thursday 4 February.

UBS (UBSN.VX) is handling the shares placement.

Michael Ying holds a stake of about 8.7 percent in Esprit, according the latest disclosure from Hong Kong's stock exchange. The share sale will bring Ying's Esprit holding below 5 percent.

Shares of Esprit have risen about 12 percent so far this year, while the benchmark of Hang Seng Index .HSI has fallen 7 percent. Esprit ended down 0.35 percent at HK$57.70 on Thursday 4 February.


((By Kennix Chim and Fiona Lau; Editing by Chris Lewis))

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((If you have a query or comment on this story, send an email to [email protected])) Keywords: ESPRIT/SHARESALE

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