Michael Spencer sells Numis stake
A round-up of the biggest director deals today so far.
Michael Spencer, one of the City's richest men, has sold most of his stake in Numis and is stepping down from the board just 8 weeks after admitting using Numis shares to guarantee a bank loan.
IPGL Limited, of which Spencer, his wife and their children's trusts own 55.1%, has offloaded its entire holding of 13.1m shares, or 12.2% of the company, at 120p each.
The sales of shares, placed with a number of institutional investors, bagged the Conservative party treasurer and founder and chief executive of interdealer broker ICAP, about £15.7m.
Subscribe to MoneyWeek
Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE
Sign up to Money Morning
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
"It has been amazing to be part of Numis over the last five years," said Spencer, who will remain chairman of Numis until a successor is appointed.
Spencer, who made his decision in order to "focus on his other business interests", is left with a personal holding of just 20,000 shares.
Top Director Buys
Value: £55,525
Value: £74,480
Value: £37,300
Value: £6,498
Value: £10,798
Top Director Sells
Value: £15,723,521
Value: £635,164
Value: £402,994
Value: £214,418
Value: £200,152
Value: £23,488
Sign up to Money Morning
Our team, led by award winning editors, is dedicated to delivering you the top news, analysis, and guides to help you manage your money, grow your investments and build wealth.
-
Christmas at Chatsworth: review of The Cavendish Hotel at Baslow
MoneyWeek Travel Matthew Partridge gets into the festive spirit at The Cavendish Hotel at Baslow and the Christmas market at Chatsworth
By Dr Matthew Partridge Published
-
Tycoon Truong My Lan on death row over world’s biggest bank fraud
Property tycoon Truong My Lan has been found guilty of a corruption scandal that dwarfs Malaysia’s 1MDB fraud and Sam Bankman-Fried’s crypto scam
By Jane Lewis Published