Eurocopy falls as family sells shares worth pounds 7m

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The Independent Online
Eurocopy, the photocopier group, yesterday announced that a trust acting for the three daughters of its chairman, Cyril Gay, has sold nearly 10 million shares in the company for more than pounds 7m.

Shares in the company dropped 16 pence to 74p after the announcement, which reduces the Gay family's combined holding in the firm to 14 million shares, or about 29 per cent.

However, Mr Gay said yesterday he had given an undertaking that no further share placing would be made by himself or his children' s trust for two years. He said: "I have three daughters aged 28, 30 and 32 and like a good father, years before we floated, I passed shares on their behalf to an offshore trust.

"They are now old enough to look after themselves and with the co-operation of the trustees, have decided to divest about two-thirds of their holdings. Although Eurocopy is a good investment, it is not ideal to invest all your money in one share. The aim will be to diversify the trust's holding."

Mr Gay said the family's remaining holding meant there was little danger any outside bidder could try to gain control.