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 are planning to sell a 15% stake in the company.
In total, the shareholders intend to sell up to 7.6 million shares in Mortgage Advice Bureau, the company said, in a placing managed by Canaccord Genuity Ltd as joint bookrunner and settlement agent and Zeus Capital Ltd as joint bookrunner. 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.
Shares in Mortgage Advice Bureau were down 11% at 358.50 pence on Wednesday morning. The company's shares were sold at 160.00p per share when it listed on AIM in November 2014.
Brodnicki, one of the founders in 2000, plans to sell 4.0 million shares, including 676,000 he wants to give to his wife Stephanie as a gift before the placing closes, which would leave him with 14.1 million shares, equivalent to just shy of a 28% stake. He currently owns nearly 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, wants to shrink 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, is selling 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 plans to give 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, wants to sell 341,250 shares. That would leave her with a 2.03% stake.
Simon Blunt, a former director, is selling 211,250 shares, leaving him with a 1.26% stake. Richard Palmer, a co-founder and former director, is selling 211,000 shares to be left with a similar stake.
National Sales Director Gareth Herbert will be left with a 0.89% stake in the event he sells 105,750 shares as planned, while shareholder Simon Frankish stands to sell 134,500 shares to be left with a 0.80% stake.
By Samuel Agini; firstname.lastname@example.org; @samuelagini
Copyright 2016 Alliance News Limited. All Rights Reserved.