18th Dec 2019 10:23
(Alliance News) - Numis Securities Ltd on Wednesday said AJ Bell PLC Chief Executive Andy Bell has sold GBP23.1 million worth of shares in the stockbroker.
Bell sold 5.5 million shares at a price of 420p each. The stock was 0.5% higher in London in morning trade at 425.50 pence a share.
Following this Bell will remain company's largest shareholder with 71.2 million shares, a 17% holding. When including shareholdings held by persons closely associated with him, Bell's holding stands at 98.3 million shares, about 24%.
These shares are subject to a lock-up which ends when the company publishes results for the six months to the end of March.
Numis was acting as sole bookrunner. AJ Bell will not receive any proceeds from the placing.
"This small placing is being carried out in order to provide additional liquidity in response to strong investor interest in last week's placing," Numis said in its statement Wednesday.
On Wednesday last week, some directors, senior managers, and other employees at stockbroker AJ Bell sold shares at 400p each, netting them GBP25.7 million in total.
By Evelina Grecenko; [email protected]
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