Shares in the company were down 7.0% on Wednesday at a price of 1,385.60p.
CEO Christopher Bogart and investment chief Jonathan Molot sold 4.4 million and 4.3 million shares, respectively, at a price of
The placing was conducted by Numis Securities Ltd and Berenberg, Gossler & Co KG London Branch.
Following the placing, Bogart and Molot will continue to hold 8.8 million and 8.6 million shares each. Burford Capital did not receive any proceeds from the sale, as they were existing shares.
Bogart commented: "Jon and I have not sold a single share of stock in the more than eight years we have been running Burford, and it is with some reluctance that we sold some now given our enthusiasm for the future of the business. However, given that we preach the benefit of a diversified portfolio strategy for Burford, it seemed imprudent for us not to create some liquidity after all this time, although we are continuing to hold a considerable majority of our stock even after this sale."
He added: "Our commitment to Burford has only intensified: we have entered into new employment agreements through the end of 2020; we are personally investing significantly in Burford's investment funds; and we have agreed to a full year lock-up on all our remaining stock. We love what we do and intend to keep on doing it."
Burford Capital (BUR)