The Myer Holdings Ltd (ASX: MYR) share price may be trading flat today but the same cannot be said for the rest of the week.
Since the start of the week, the department store operator's shares have fallen approximately 11%.
Though, it is worth noting that Myer's shares are still up an impressive 90% in 2021 despite this.
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Why is the Myer share price falling this week?
The weakness in the Myer share price appears to have been driven by a large shareholder selling down its holding.
According to a ceasing to be a substantial holder notice, WAM Capital Limited (ASX: WAM) has trimmed its position to the point that it is no longer a substantial shareholder.
WAM and its subsidiaries collectively owned a 7.76% stake in Myer until it sold ~21.3 million shares this week for a total of $12.25 million. This represents an average of 57.4 cents per share, which is just a touch higher than where the Myer share price is trading now.
Based on its last disclosure, this appears to have trimmed its position down by around a third and taken its interest to just under 5%.
Though, as WAM is no longer a substantial holder, it isn't required to report any further sales. This means it is free to continue selling down its holding to zero if wanted to without notifying the market.
If it chose to do that, it would be a blow to fellow shareholder, Solomon Lew's Premier Investments Limited (ASX: PMV). It is aiming to spill the Myer board and had the support of WAM.
Though, given Myer's impressive turnaround in FY 2021 and the near doubling of the Myer share price in 2021, shareholders are likely to be pleased with what the current management team are doing. So they may well prefer that there isn't any further changes in the boardroom at this point.
