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
-
Parental contributions to kids' university living costs could reach £14,000 a yearParents helping kids with university living costs face contributions of up to £14,000 per year, according to a report from HEPI and TechnologyOne.
-
Rightmove: property asking prices hit record highNews Rising demand for top of the ladder home is boosting asking prices, Rightmove research shows. Is now a good time to sell a property?
