18th Dec 2019 09:14
(Alliance News) - Numis Securities Ltd on Wednesday said AJ Bell PLC Chief Executive Andy Bell sold GBP23.1 million in shares as part of a placing to institutional investors through an accelerated bookbuild.
Bell sold 5.5 million shares at a price of 420p each. The stock was 0.5% higher in London in morning trade at 425.50 pence a share.
Following this transaction, Andy Bell will remain as the company's largest shareholder, interested in 71.2 million shares, representing a 17% holding. These shares are subject to a lock-up which ends when the company publishes its results for the six months to the end of March.
Numis was acting as sole bookrunner. AJ Bell will not receive any proceeds from the placing.
"This small placing is being carried out in order to provide additional liquidity in response to strong investor interest in last week's placing," Numis said in its statement Wednesday.
On Wednesday last week, some directors, senior managers, and other employees at stockbroker AJ Bell had sold shares at 400p each, netting them GBP25.7 million in total.
By Evelina Grecenko; [email protected]
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