7th Feb 2020 07:56
(Alliance News) - Peter Hargreaves, the co-founder of Hargreaves Lansdown PLC, has sold GBP550 million worth of stock in the FTSE 100-listed fund supermarket, via an accelerated share bookbuild offering to institutional investors.
He sold 34.4 million shares at a price of 1,600.00 pence per share. Hargreaves Lansdown shares closed at 1,708.50p each in London on Thursday.
Following the sale, Peter Hargreaves still holds an interest in about 24% of the company's issued share capital.
The placing was extended from the original GBP500 million Hargreaves was hoping to raise due to "strong investor demand".
Peter Hargreaves said the sale is part of a "process of long-term financial planning" to diversify his assets. "I remain, and will continue to be, a substantial shareholder in Hargreaves Lansdown. I am very proud of the business that I co-founded and helped build."
Barclays Bank PLC, through its investment bank, acted as sole global coordinator and bookrunner, and Numis Securities Ltd acted as co-bookrunner.
By Paul McGowan; [email protected]
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