A number of AJ Bell PLC's directors, senior managers and employees sold an aggregate 6,422,905 ordinary shares in the company at a price of 400 pence per share, raising aggregate gross proceeds of about £25.7 million.
The British asset manager said the shares represent roughly 1.6% of its existing issued ordinary share capital.
The shares were offered to institutional investors through an accelerated bookbuilding process, with Numis Securities Ltd. acting as the sole book runner. AJ Bell is not due to receive any proceeds from the placing.
Numis agreed to waive the first-year lock-in with respect to the applicable ordinary shares held by AJ Bell's selling shareholders. The selling shareholders had entered into a one-year lock-in with respect to 100% of their shareholdings at IPO and a two-year lock-in with respect to 50% of their shareholdings at IPO.
The trade date for the placing was Dec. 11, with settlement expected to take place on Dec. 13.