AFH Financial Group chief executive Alan Hudson sold almost 6 per cent of his stake in the company on Monday, taking his shareholding down to 48.31 per cent.
Hudson sold 546,855 ordinary shares – 5.8 per cent of his stake – in the advisory and discretionary wealth management firm at a price of 139.99p per share, netting around £760,000 in the process.
The company last week announced its aim to raise £1.6m to fund acquisitions by issuing 1.1m new shares in the company – raising the number of shares outstanding by 6.7 per cent.
In January, the firm completed its 20th acquisition since the beginning of 2011.
In August 2013, the company raised £2.8m to fund its acquisition plans through a combined bond and share issue. This was followed by a further share issue worth £500m in November.