Three co-founder directors of Brooks Macdonald in 1991 have sold 3.5 per cent of the company’s shares in issue.
Chris Macdonald sold 150,000 shares, Richard Spencer sold 130,000 while Jonathan Gumpel sold 105,000.
Mr Macdonald retains a 7.45 per cent stake in the business, Mr Spencer has a 7 per cent holding and Mr Gumpel has 5.9 per cent.
In an announcement to the stock exchange this morning, Christopher Knight, chairman of Brooks Macdonald, said the three men remained fully committed to the company and substantial shareholders post-disposal.
The trio still hold in aggregate a total of 20.4 per cent of the shares in issue.
They have entered into a lock-up agreement following the disposal of shares yesterday.
Each of the selling directors has undertaken to the company that, for a period of two years from today (22 March), they will not, and will procure that their respective family members will not, without the prior written consent of the company, sell, transfer or otherwise dispose of any of their residual shares, except in certain limited circumstances.
Mr Knight said: “Chris, Richard and Jonathan as three co-founder directors of Brooks Macdonald have sold down their stakes for personal investment diversification reasons.
“The disposal has the benefit of improving liquidity in the company’s shares. Retaining approximately 20.4 per cent of the company’s shares in aggregate, the selling directors are fully committed to the company and their interests remain wholly aligned with those of all shareholders.”
Since the wealth management group’s IPO in March 2005, Brooks Macdonald has generated a total shareholder return to 20 March 2012 of 934 per cent compared with the FTSE AIM All Share and FTSE Small Cap returns over the same period of -31 per cent and 5 per cent respectively.
