AJ Bell founder Andy Bell sells 7.5m shares in placing, raises £28.1m

(Sharecast News) - AJ Bell said on Friday that founder Andy Bell sold 7.5m shares in the investment platform in a placing at 375p each, raising around £28.1m. The placing was conducted through an accelerated bookbuild, with Deutsche Numis acting as sole bookrunner.

Following completion, Andy Bell will hold just over 77.3m shares in AJ Bell, which represents a stake of approximately 18.7%.

The company is not a party to the placing and will not receive any proceeds.