Amstrad directors dispose of holdings

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The Independent Online
TWO working directors of Amstrad have sold their entire shareholding for about pounds 295,000, it was disclosed yesterday.

The shares were sold on Tuesday, less than a week after Amstrad shareholders rejected a pounds 115m proposal by Alan Sugar, chairman and managing director, to take the consumer electronics group private.

Amstrad announced that Malcolm Miller, Amstrad's marketing director, and Robert Watkins, technical director, had sold 714,000 and 563,500 shares at 23 1/8p each. The shares are thought to have been sold in the market. Neither director was available for comment yesterday.

The move is likely to cause further uncertainty about the company's future. There is speculation that other directors may also be planning to dispose of shares.

Mr Sugar, who owns almost 35 per cent of Amstrad shares, has on several occasions refused to rule out the possibility of selling his own stake. Last week Amstrad's outside shareholders rejected a controversial 30p-a- share offer from Mr Sugar to buy out the remaining shares not under his control.

Mr Sugar said last week that he would continue to work normally at Amstrad.

The company is planning to appoint two non-executive directors to its board in the next few months.

Amstrad shares eased back 0.5p to 24.5p yesterday.