28th Jan 2020 09:31
(Alliance News) - IntegraFin Holdings PLC said Tuesday that Executive Director Michael Howard sold GBP40 million in shares.
Howard founded the investment platform provider in 1999. He was managing director until 2001, then executive chair until 2017.
In a transaction on Monday, Howard sold 8.5 million shares at a price of GBP4.75 each, worth around GBP40 million.
"The sale was instructed, primarily, to enable Michael Howard to complete the funding for a charitable foundation and, residually, for diversification purposes," IntegraFin said.
Following the transaction, Howard continues to be a director of the company and his working relationship with the group is unchanged, IntegraFin noted.
On Monday, Peel Hunt LLP had said that Howard intended to sell 8.5 million shares, with Peel Hunt and Barclays Bank PLC acting as joint global coordinators and bookrunners.
Following completion of the sale, Howard still will own around an 8.9% stake.
IntegraFin shares were trading 1.6% higher in London at 485.50 pence each on Tuesday.
By Loreta Juodagalvyte; [email protected]
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