AJ Bell, the Manchester based platform, has this morning confirmed a minimum application value of £1,000 and is now expecting to list on the main market on the London Stock Exchange in December, with an anticipated valuation of £500M.
Boss Andy Bell, who set up the company in 1995 and retains a 28 per cent stake, is believed to be selling up to £14m worth of shares in the listing, along with fellow employees and institutional investors. No new stock is being issued.
Major investors Invesco Perpetual and Seneca Investment Managers will take on a 180-day lock-in, as will former AJ Bell employees who still have shares in the company and wish to sell them. Selling shareholders will only be able to sell their existing shares, institutional investors and AJ Bell customers will see their own offerings made available and AJ Bell directors and other employees selling their shares will all be subject to a lock-on of 100% of their shares at admission, falling to 50% for another year after that.
The company’s announcement stated: “The directors believe that this is an appropriate time to bring the group to the public market, reflecting the robust foundations established for future growth. The directors believe that the offer and admission will further enhance the company’s profile and brand recognition with customers and advisers, extend the Company’s shareholder base to a wider group of institutional shareholders and AJ Bell customers, assist in the recruitment, retention and incentivisation of all employees, and support AJ Bell’s growth strategy.”
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Gunner & Co. work with IFAs looking to sell their business, and can give you more information if you wish – contact louise.jeffreys@gunnerandco.com
