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LONDON (Alliance News) - Mortgage Advice Bureau (Holdings) PLC, which provides face to face financial and mortgage advice on the high street, on Wednesday said a group of major shareholders including Chief Executive Officer Peter Brodnicki have sold a 15% stake in the company.
The shareholders sold 7.6 million shares in Mortgage Advice Bureau at 360.00 pence per share, the company said, in a placing managed by Canaccord Genuity Ltd as joint bookrunner and settlement agent and Zeus Capital Ltd as joint bookrunner.
Shares in Mortgage Advice Bureau were down 11% at 359.75 pence on Wednesday. The company's shares were sold at 160.00p per share when it listed on AIM in November 2014.
The sellers agreed with the bookrunners that they won't sell further shares for at least 12 months from completion of the placing, although some exceptions can be made.
Brodnicki, one of the founders in 2000, sold 4.0 million shares in the placing, which left him with 14.1 million shares, equivalent to just shy of a 28% stake. He had previously owned 36% of the company.
Operations Director David Preece, who is part of a party including Brodnicki deemed to be acting in concert by the UK's Takeover Panel, shrank his stake to 3.02% from 5.10% by selling 1.1 million shares. Brodnicki holds options over 325,000 shares, while Preece also holds options over 275,000 shares.
Another member of the concert party, Paul Robinson, co-founder and former finance director, sold 1.5 million shares, cutting his stake to 1.53% from 5.10%. Lucy Tilley, a director in the Canaccord corporate broking team that advised on Mortgage Advice Bureau's initial public offering, replaced Robinson as finance director in May 2015. Robinson gifted 300,000 of his remaining shares to someone who is not a member of his family.
Michelle Draycott, a former member of the concert party and an employee since the company was founded, sold 341,250 shares, leaving her with a 2.03% stake.
Simon Blunt, a former director, sold 211,250 shares, and subsequently has a 1.26% stake. Richard Palmer, a co-founder and former director, sold 211,000 shares and has been left with a similar stake.
National Sales Director Gareth Herbert was left with a 0.89% stake , having sold 105,750 shares, while shareholder Simon Frankish sold 134,500 shares and was left with a 0.80% stake.
By Samuel Agini; samagini@alliancenews.com; @samuelagini and Hannah Boland; hannahboland@alliancenews.com; @Hannaheboland
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