Founder still holds the Weel

LISTED race car parts designer PWR Holdings has defended the commitment of its founder after companies linked to him offloaded more than $14m worth of shares in the successful business.

In two statements to the ASX, PWR said a company associated with managing director Kees Weel, KPW Property Holdings, had sold two million shares at $5.09 on February 23 and 689,531 shares at $6.11 between April 23 and 30.

PWR said the February sale – worth $10.18m – was made by Mr Weel’s son Paul, who was “no longer involved with the business activities of PWR”.

The April sale was worth $4.21m.

“Kees Weel continues to be fully committed to PWR and, indirectly through KPW Property Holdings Pty Ltd and Wagon Weel Pty Ltd, remains as the major shareholder,” the statement said. The sales leave Mr Weel with 20.3 per cent of the company’s stock.

The company paid a dividend of 2.8c per share on March 18.