UPDATE — Manchester-based investment platform AJ Bell said on Tuesday that 14 of its directors, executives and “persons closely associated with them” indicated their intention to sell up to 6.4 million ordinary shares of the firm.

The sale represents about 1.6% of the company’s existing issued ordinary share capital.

Those selling shares in the placing include chief financial officer Michael Summersgill, chairman Leslie Platts, group finance director Roger Stott and chief risk officer Louis Petherick.

Bookrunner Numis Securities added on Wednesday: “Further to yesterday’s announcement, certain directors, senior managers and employees of the company, announce that, subject to completion, they have sold in aggregate 6,422,905 ordinary shares in AJ Bell at a price of 400 pence per share, raising aggregate gross proceeds of approximately £25.7 million.”