Has Mike Ashley mislaid his diary? On 23 October last year, his MASH Holdings pledged not to sell more Sports Direct shares for a period of 180 days. Now, only 166 days later, it has – a 4% stake.
Actually, there is a simpler explanation: Ashley doesn't give a damn about these lock-up agreements. He did the same thing last year. In February 2013 MASH sold a 4.18% stake and promised no more disposals for 365 days. Then came October's sale of a 2.7% holding.
Sports Direct shareholders have been warned. Whatever the official announcements say, Ashley clearly feels entitled to sell whenever he wishes and whenever the company's broker, Goldman Sachs, grants consent.
There is nothing wrong here, apparently, because lock-up periods are not binding. So Ashley's latest pledge not to sell for 150 days could mean the day after tomorrow or never. These rules are a nonsense. If stock exchange statements don't mean what they say, what's the point?
