Manchester-based investment platform AJ Bell said on Wednesday its CEO Andy Bell sold 5.5 million shares in AJ Bell at 420p per share to raise £23.1 million.

“Following completion of the Placing, Andy Bell and persons closely associated with him will hold 98,313,095 ordinary shares in AJ Bell, representing approximately 24.0% of the Company’s issued share capital,” said AJ Bell.

“These shares are subject to a lock-up which ends when the company publishes its interim results for the six months ended on the 31 March 2020 (subject to waiver by Numis and to certain customary exceptions).  

“For the avoidance of doubt, the two year lock-up entered into by the selling shareholder at the time of the initial public offering of ordinary shares in AJ Bell, which were admitted to trading on 12 December 2018, with respect to 50% of his shareholding at IPO with Numis shall continue in accordance with its terms. 

“Andy Bell will remain the company’s largest shareholder and is fully committed to the business and confident in the outlook.

“This small placing is being carried out in order to provide additional liquidity in response to strong investor interest in last week’s placing …

“The trade date for the placing will be 18 December 2019 and settlement is expected to occur on a T+2 basis on 20 December 2019.

“Numis is acting as sole bookrunner in connection with the placing.”