30th Sep 2019 17:18
(Alliance News) - Executive Director Michael Howard intends to sell around 6 million shares in IntegraFin Holdings PLC, Peel Hunt LLP said on Monday.
The sale represents around a 1.8% stake in the firm, and will be undertaken via an accelerated bookbuild to institutional investors.
"The offering is being undertaken, primarily, to enable Michael Howard to provide seed funding for a charitable foundation and, residually, for diversification purposes. Michael Howard continues to be a director of the company and his working relationship with the group is unchanged," Peel Hunt explained.
IntegraFin will not receive any proceeds from the offering. Barclays Bank PLC and Peel Hunt are acting as joint global coordinators and bookrunners.
Following completion of the sale, Howard will own around an 11.5% stake.
IntegraFin shares closed up 0.8% at 395.725 pence in London on Monday.
By Lucy Heming; [email protected]
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