J Sainsbury has dropped nearly 4% after a share sale by a trust associated with the supermarket group's founding family.
According to a stock exchange announcement Judith Portrait, a City lawyer who controls the Sainsbury's family trust, sold 1.5m shares earlier this week, raising around £5.25m and reducing its stake to 3.92%. The sale is believed to be on behalf of the Gatsby Charitable Foundation, which was was established in 1967 by David Sainsbury (Lord Sainsbury of Turville). The foundation will use the cash to bankroll its grant giving programme, and the sale is part of a regular fundraising exercise. The news has helped send the group's shares down 13.1p to 341.6p, although they are also being quoted ex-dividend.
The share sale comes a few days after Sainsbury's results, which were well received by the market. The supermarket is regularly spoken of as a possible bid target for the Qatar Investment Authority, which made a failed £10.6bn takeover attempt in 2007 but retains a near 26%.
But at least one shareholder seems to be taking the bid tales with a pinch of salt.
