27th Apr 2016 10:42
LONDON (Alliance News) - Brooks Macdonald Group PLC's Chief Investment Officer Richard Spencer and fellow board director Simon Wombwell sold a combined 4.3% stake for roughly GBP9.9 million in the AIM-listed wealth manager, bookrunner Peel Hunt LLP said on Wednesday.
Shares in Brooks Macdonald were down 4.2% at 1,740 pence Wednesday, having been sold at 1,700p in the placing.
Spencer, who co-founded Brooks Macdonald, sold 550,000 shares to institutional investors. He agreed to a lock-up preventing him from selling his remaining 1.7% stake until the first year after completion of the placing, and said he is committed to Brooks Macdonald in his role as chief investment officer, with "every confidence" in the company's prospects.
"I have held a substantial interest in Brooks Macdonald since co-founding the company in 1991," Spencer said in a statement. "It is now appropriate to diversify my personal financial risk profile whilst retaining a significant shareholding in Brooks Macdonald."
Wombwell, who sold 35,000 shares, was left with a 0.4% stake.
By Samuel Agini; [email protected]; @samuelagini
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