A number of directors, senior managers and employees of AJ Bell have sold £25.7m worth of shares in the investment platform through a placing at a price of 400p per share, according to a Numis Securities announcement.
The proceeds from the sale of 6,422,905 ordinary shares are subject to completion of the trades, with settlement expected on Friday 13 December.
The news follows an announcement yesterday of the intention to sell shares worth around 1.6% of the total number of shares issued by the company to institutional investors through an accelerated bookbuild, brokered by Numis Securities.
The move can as the lock-in period of one year since AJ Bell IPO on 12 December 2018 came to an end, with shares nearly doubling in price from 223.50p on 11 December 2018.
Share were sold by a number of directors, including chief financial officer Michael Summersgill and chairman Leslie Platts.
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