Peter Hargreaves to sell £500m of shares in Hargreaves Lansdown
The sale will be undertaken via an accelerated bookbuild offering to institutional investors.
Barclays Capital Securities has just announced that Peter Hargreaves is selling approximately £500 million of existing ordinary shares in Hargreaves Lansdown PLC (LON:HL). The sale will be undertaken via an accelerated bookbuild offering to institutional investors.
The purpose of the offering is to enable Peter Hargreaves to diversify his assets. Mr Hargreaves plans to remain a significant shareholder for the longer term following the completion of the offering.
Peter Hargreaves commented, “I have decided to sell some of my shares in Hargreaves Lansdown. This 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.”
Barclays Bank PLC, acting through its investment bank is acting as Sole Global Coordinator and Bookrunner, whereas Numis Securities Limited is acting as Co-Bookrunner for the Offering and Evercore Partners International LLP is acting as Financial Adviser to Mr Hargreaves.
Bookbuilding will commence immediately. The right is reserved to close the books at any time. The sale price of the shares and the final size of the offering will be determined after the books have closed. Hargreaves Lansdown will not receive any proceeds from the offering.