Mears chairman Bob Holt sells shares Bob Holt, who purchased Mears in 1996 for just £50,000 and brought the company to the stock market, has sold 2m shares for £5m, or 250p each. It means Mr Holt holds just 1m share options in Mears - which is now worth more than £200m - through the company's special incentive plan. The chairman explained the unusual move by claiming he had sold the shares to a "major institution" that wanted a holding in Mears but had found it difficult to acquire shares. He said he remained "very committed" to the support services group and the share sale was the "logical thing to do." "All I am doing is what shareholders have asked me to do," Mr Holt said. I am 57 and I am now spending more time abroad. It is the right time for me to spend money elsewhere. Mears' shares are up 10pc this year, with profits up sharply in 2011. The shares fell 6¾, or 2.7pc, today to 248¼p.