Investment firm Alliance Trust has sold more than four million shares in Liontrust Asset Management for around £21m.
According to a stock exchange announcement, the 4,060,792 shares were sold for 520p per share. They represent around 8.2 per cent of Liontrust’s entire issued share capital.
When the sale of Alliance Trust Investments to Liontrust completed in April last year, Alliance Trust accepted just over five million shares, which were valued at around £17m, as part of the sale.
Alliance Trust got the shares it sold today in April 2017 and get a further 1 million shares in April this year, which are subject to a one year lock-up.
The sale price represents a 55.3 per cent return on the market price of 334.9p when the shares were issued.