29th Sep 2015 12:28
LONDON (Alliance News) - The chief executive and finance director of wealth manager Brooks Macdonald Group PLC sold a 4.8% stake in the company via an accelerated bookbuild on Tuesday, slightly more than the 4.2% the pair had been set to sell to institutional investors.
Chief Executive Chris Macdonald sold 610,000 shares in the offering, more than the 523,000 he was initially planning to sell, while Finance Director Simon Jackson sold 49,000 shares, in line with the earlier announcement.
The shares were sold at 1,700 pence per share, raising a total of GBP11.2 million for the pair, in a process run by Peel Hunt LLP. Shares in Brooks Macdonald were down 7.0% to 1,736.00 pence on the news.
Following the sale, Macdonald will have a 1.65% stake in the company, while Jackson will have a 0.29% stake.
"I have every confidence in the future of the business and intend to retain a significant personal shareholding in the company. Nevertheless it is appropriate for me to diversify my personal financial risk profile having held a significant investment in the company since its formation," said Macdonald in a statement prior to the results of the placing being revealed.
By Sam Unsted; [email protected]; @SamUAtAlliance
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Brooks Macdonald