Esprit director's stake nets $576m

Jurgen Friedrich, the second-largest shareholder in global fashion retailer and wholesaler Esprit Holdings, raised $576 million yesterday by placing 20 million shares.

The news came after the market close. Esprit shares surged 8.92 per cent to $29.90 after the company on Wednesday said earnings in the six months to December last year jumped 53 per cent to $885.9 million.

Mr Friedrich, a non-executive director with an 8.51 per cent stake in Esprit, sold his shares at $28.80 each, a 3.67 per cent discount to yesterday's closing price, according to banking sources. The placement was five to six times oversubscribed.