Brother of Boohoo founder hands his children £63m present

The brother of one of the founders of fashion retailer Boohoo has handed his children a £63m present.

Jalad Kamani, the 57-year-old brother of Mahmud, has gifted 30 million shares in the online retailer to his children.

The shares in the Manchester fashion firm are currently valued at £2.10.

A statement was made to the Stock Market this morning.

It said: “boohoo.com, the leading online fashion retailer, has been notified of the following dealing in the company’s ordinary shares of 1 pence each made on 13 June 2018 by Jalal Kamani.

“Jalal has gifted a total of 30 million Ordinary Shares (representing 2.61 per cent. of the company’s issued share capital) for nil consideration to a trust established for the benefit of Jalal Kamani’s adult children. The gifts were notified to the Company on 14 June 2018.

“Following the gifts, Jalal and the trust for the benefit of Jalal’s adult children each have interests in 30 million ordinary shares, representing approximately 2.61 per cent. and 2.61 per cent. of the Company’s issued Ordinary Share capital respectively.

In January Jalal sold 7.7m shares at around 191.2p each, according to filings.

He served as Boohoo’s trading director until October 2015, when he resigned.

According to Boohoo’s annual report, Jalal Kamani had held a 6.8 per cent stake, accounting for around 76.5m shares.

Before the gift his stake had fallen to 5.98 per cent, representing 68.8m shares.

Yesterday Neil Catto, the chief financial officer at the Manchester firm, sold a total of 1,553,398 shares in the business for £2.15 each.

The sale of the shares meant he received £3,339,805. He has held on to a further 626,340 shares.

 

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