The RCG Corporation Ltd (ASX: RCG) share price has soared 8.2% today after the group announced a new substantial shareholder.
According to the announcement released by the group, interests associated with Brett Blundy have acquired 64 million ordinary shares in RCG Corporation, representing 11.82% of the overall company. RCG directors including Craig Thompson, Michael Hapgood and William Duell provided the shares, representing around half of their holding in the business.
The shares were acquired for 95 cents per share, which is more than 20% above the stock's last closing price of 79 cents, indicating the acquirer's confidence in the purchase. Interests associated with Mr Blundy now holding 14.4% of RCG issued shares.
According to Forbes, Brett Blundy is one of Australia's richest people with a net worth of more than $1.2 billion. Prior to today's announcement, RCG's shares had nearly halved in value since the beginning of the year but have remained mostly flat over the past three months.
