19th May 2015 06:50
LONDON (Alliance News) - MoneySupermarket.com Group PLC founder Simon Nixon sold a 3.7% stake in the company, Credit Suisse Securities (Europe) Ltd announced Tuesday.
The sale of 20.0 million shares at 280 pence per share raised GBP56 million before expenses for Nixon. MoneySupermarket shares closed up 0.3% at 302.50 pence on Monday.
The amount of shares sold is at the top end of the range announced late Monday, when Credit Suisse, the sole bookrunner on the placing, said it would sell a stake of between 2.8% and 3.7% on behalf of Nixon.
Following the sale, Nixon continues to hold 69.8 million shares, about 12.8% of the total, with this shareholding subject to a 180-day lock up.
Nixon's successful sale of shares in the price comparison website comes almost two months after his previous share sale fell to go ahead. The founder and non-executive deputy chairman then had looked to sell a 6.4% stake - equivalent to 35 million shares - in the company but decided against proceeding with the sale, according to a March 25 announcement by the bookrunner on that placing, Citigroup Global Markets Ltd.
Moneysupermarket said Tuesday that, as a result of Simon Nixon's stake falling below 15%, the relationship agreement between Simon and Moneysupermarket.com, in place since 2007, has now ended. This allowed Simon Nixon to nominate for appointment a non-executive director to the board of the company. While Nixon has never taken up this right, Moneysupermarket said, the right will now fall away.
Simon Nixon remains on the board as a non-executive director.
By Tom Waite; [email protected]; @thomaslwaite
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