Peter Hargreaves raises £550m from sale of 34.4m shares in Hargreaves Lansdown
Due to strong investor demand, Mr Hargreaves has decided to increase the size of the placing and has completed the sale of 34,375,000 ordinary shares in Hargreaves Lansdown at a price of £16 per share.
Barclays Capital Securities has earlier today posted an update about the accelerated bookbuild offering of approximately 34.4 million existing ordinary shares in Hargreaves Lansdown PLC (LON:HL).
Further to yesterday’s announcement, Peter Hargreaves announces that due to strong investor demand he has decided to increase the size of the placing and has completed the sale of 34,375,000 ordinary shares in Hargreaves Lansdown Hargreaves Lansdown at a price of £16 per share, raising gross proceeds of £550 million. The initial plan was to sell shares worth approximately £500 million.
Peter Hargreaves said, “The sale of some of my shares in Hargreaves Lansdown is part of a process of long-term financial planning to diversify my assets. I remain, and will continue to be, a substantial shareholder in Hargreaves Lansdown. I am very proud of the business that I co-founded and helped build.”
Following the offering, Mr Hargreaves owns approximately 24.3% of the outstanding ordinary share capital of the Company.
Barclays Bank PLC, acting through its investment bank acted as Sole Global Coordinator and Bookrunner, whereas Numis Securities Limited acted as Co-Bookrunner for the Offering and Evercore Partners International LLP acted as Financial Adviser to Mr Hargreaves.