29th Sep 2015 10:23
LONDON (Alliance News) - The chief executive and finance director of wealth manager Brooks Macdonald Group PLC are set to sell 4.2% of the company to institutional investors.
Chief Executive Chris Macdonald will sell 523,000 shares in the company, while Finance Director Simon Jackson will sell 49,000 shares. The pricing of the shares will be determined at the end of the accelerated bookbuild which will be run by Peel Hunt LLP.
Following the sale, Macdonald will have a 2.3% stake in the company, while Jackson will have a 0.29% stake.
"I have every confidence in the future of the business and intend to retain a significant personal shareholding in the company. Nevertheless it is appropriate for me to diversify my personal financial risk profile having held a significant investment in the company since its formation," said Macdonald.
Shares in the company were down 4.0% to 1,792.32 pence.
By Sam Unsted; [email protected]; @SamUAtAlliance
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