17th Dec 2019 17:05
(Alliance News) - Numis Securities Ltd on Tuesday said AJ Bell Chief Executive Andy Bell intends to sell up to 5.0 million shares in the stockbroker, worth more than GBP20 million.
The shares represent up to a 1.2% stake in the FTSE 250 constituent.
The placing shares will be offered to institutional investors through an accelerated bookbuild, with Numis acting as sole bookrunner. AJ Bell will not receive any proceeds from the placing.
The sale is subject to demand, price and prevailing market conditions, said Numis, and the final number of shares to be placed will be agreed at the close of the bookbuild.
Shares in AJ Bell closed 1.5% lower at 423.50 pence in London on Tuesday. At that price, 5.0 million shares is worth GBP21.2 million.
Andy Bell's planned sale comes a week after some directors, senior managers, and other employees of AJ Bell sold shares worth GBP25.7 million.
At the beginning of December, AJ Bell posted a 17% rise in revenue for the financial year to September, helping it to a "record" rise in pretax profit of 33% to GBP37.7 million. The company, which listed at 220p in December 2018, said the results were "excellent".
By Lucy Heming; [email protected]
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