6th Jun 2019 17:27
LONDON (Alliance News) - On Thursday it was announced that Invesco Asset Management Ltd intends to sell up to around 38.0 million shares in investment platform provider AJ Bell PLC via an accelerated bookbuild.
The announcement was made by Numis Securities Ltd, which is acting as sole bookrunner in the placing.
Shares in AJ Bell closed down 1.7% at 409.43 pence on Thursday.
The deal is to be undertaken on behalf of Invesco Asset Management's discretionary managed clients. If all 38.0 million shares were are sold it would constitute a roughly 9.3% stake, leaving Invesco Asset Management's clients with an AJ Bell stake of around 16%.
"Invesco has been a longstanding investor in AJ Bell and has indicated that, following completion of the placing, it intends to remain a significant, long term shareholder of the company," Numis said.
At AJ Bell's initial public offering in December 2018, investment manager Invesco Asset Management entered a 180 lock-in with Numis, who have consented to the placing and thus waived the lock-in for all AJ Bell shares held by Invesco Asset Management.
The sale will be subject to market condition, demand, and price, and the final number of shares placed will be determined once the bookbuild process closes. The timing of the close, the pricing, and the allocations, are all at Numis's discretion.
Related Shares:
AJ Bell