LONDON (Alliance News) - Simon Nixon, the founder and non-executive deputy chairman of MoneySupermarket.com PLC, will sell 55.0 million shares in an accelerated bookbuilding exercise with institutional investors, according to Citigroup Global Markets Ltd and Credit Suisse Securities (Europe) Ltd Monday.
The stake represents 10% of the company's issued share capital. Nixon currently hold 29.48% of MoneySupermarket.com's shares, making him the largest single investor, according to Morningstar.
The accelerated bookbuild will commence immediately, echoing Nixon's last share sale in June 2013, when he sold 100.0 million shares for GBP200.0 million, also through Citi and Credit Suisse. Nixon had originally intended to sell up to 80 million shares but increased the offer due to high demand.
Under the terms of that placing, Nixon had been subject to a lock-up of nine months before he could sell again.
Nixon's latest share sale will raise GBP107.8 million gross if conducted at Monday's closing price of 196.00 pence.
The shares will be sold with the right to receive the price comparison website's 5.12 pence final dividend, which will be paid on May 2.
Under the terms of the latest placing, Nixon won't be able to sell shares again for 180 days.
The books for the placing will open with immediate effect, the two banks said. The timing of the closing of the books will be at the discretion of Citi, Credit Suisse and Simon Nixon, they said.
By Samuel Agini; samagini@alliancenews.com; @samuelagini
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