10:56 AM EDT, 09/27/2024 (MT Newswires) -- Hammond Power Solutions (HPS-A.TO) said Friday that board chair William Hammond, through a company he controls, sold 500,000 class A subordinate voting shares at $131.00 apiece for $65.5 million.

The company said Hammond plans to use the proceeds for diversification, estate planning and charitable giving.

Hammond Power noted that it did not sell any shares in the offering.

Following the sale, Hammond's stake in the company stood at 27% of the outstanding shares and 57% of the voting power attached to all of the shares. Before the sale, Hammond owned 31% of the total m outstanding shares and 60% of the voting power attached to all shares.

Hammond Power's share price rose 1.1% at last look to $139.74 on the TSXV.

Price: 139.36, Change: +1.19, Percent Change: +0.86