Deliveroo’s founder Will Shu has had to sell £47 million of shares in order to pay a tax liability bill, prompting the company’s share price to fall 4.8 per cent.
Both Shu and Deliveroo’s chief financial officer Adam Miller have sold stock to settle the bill, arising from vested shares. with Miller selling close to £2 million in Class A stock.
However, it is not all doom and gloom for the executive pair, as both were rewarded with the issue of new shares.
Deliveroo explained that “if the Proposed Transaction completes, neither Will Shu nor Adam Miller will retain any net proceeds as a result of the Proposed Transaction,” in a statement.
The food delivery giant added that the selling off of the shares had been sped up as a result of an accelerated bookbinding process which had been led by Goldman Sachs.
Shu increased his holding of Class A shares by over £62m whilst Miller gained £2.3m in Class B shares.
Deliveroo has navigated a tricky 12 months with its shambolic London IPO, seeing its highly anticipated floatation causing the company’s valuation to drop by 25 per cent in a single day.
The news of Shu and Miller’s shedding of shares has prompted the share price to tumble by 4.79 per cent to stand at 276p per share.