Sharp sells 2 million shares
Shares in newly re-floated Debenhams fell dramatically yesterday after its chief operating officer Michael Sharp sold more than 2 million shares in the company.

Sharp off-loaded the shares at 190p each, well below their issue value of 195p.

Debenhams maintained that Sharp had always intended to sell these shares and would have issued them at the time of the float, but held onto them until now for personal tax reasons.

The shares represent 30 per cent of Sharp's stake in the company, which he was granted when he was appointed chief operating officer. As with the other three executive directors, Sharp will hang-on to his remaining 70 per cent for a least one year after the company's float.

The department store chain returned to the stock exchange last month after two and a half years under private equity ownership.

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