John Schnatter, Papa John’s founder and former CEO, has sold around $US 6 million worth of his shares. The $US 6 million value of shares equates to roughly 1.1 percent of the total 9.9 million shares he owns. Schnatter still owns more than 30 percent of the company’s total shares.
This move to sell his shares comes shortly after he found help from financial advisors who were to help him sell all or part of his stake in the company. Schnatter has indicated that this will not be the last time he looks to sell shares.
An SEC filing said, “Mr Schnatter has solicited the advice of financial advisors regarding a possible disposition of all or some of his common stock in Papa John’s.” There is speculation that part of Schnatter’s move is to analyse the effects of him selling part of his shares, and what it might do to the value of the remaining shares as well as making sure that he doesn’t do any damage to the company.