Hargreaves seeks May IPO

According to the statement issued, the initial offer period (IPO) should be completed by mid May 2007m and will see around 25% of shares being sold by existing shareholders – including its founders Peter Hargreaves and Stephen Lansdown – while the remainder will be allocated to certain UK-based staff and institutional investors. Executive directors and senior managers are expected to retain “a significant shareholding” in the firm post-flotation and will then be able to sell up to 25% of their holding each anniversary of flotation until 2011, having committed to hold onto stocks for four ...