Rightmove chairman Scott Forbes (pictured, right) has sold shares in the company worth £4.23 million, taking advantage of a recent spike in its share price.
It has jumped in value by £2 to £43.63 or five percent since the 19th May, valuing the portal at £4.03 billion.
Scott sold 100,000 of his shares yesterday at the peak of the current surge, which eased off today. This leaves him with 219,000 shares in the company worth £9.3 million.
This is not the first time that Scott has cashed in his Rightmove shares. In 2007, just two years after joining the company from worldwide property services company Cendant, he sold shares worth £7 million to finance a home purchase in Kensington and in 2012 shares worth £4 million.
He joined Rightmove and was appointed to its board in 2005 and has overseen almost constant share price (see graph, right) and business growth at the PLC.
This includes last year, which its most recent figures show saw revenue and profits that both jumped by 15% compared to 2015, and total dividend payments that grew by 19%.
Agents listing on Rightmove currently spend £832 a month and the website has 20,121 branches advertising with it.
Rightmove also recently appointed the Chief Financial Officer of Easyjet to its board as a non-executive director, and announced a final dividend of 32p a share due to be paid on 2nd June.
Rightmove’s half year results are due on 28th July and its next dividend payment due on the 3rd November.