Sanlam to offload £3.6m Nucleus shares

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Sanlam is selling more than £3.6m worth of Nucleus shares, Money Marketing can reveal.

In a note to shareholders, seen by Money Marketing, the platform reveals Sanlam wants to offer 109,765 Nucleus B shares at £33 each. The shares are only being offered to Nucleus users.

Sanlam purchased the shares earlier this year as payment to satisfy a previous debt.

Nucleus users have been asked to express their interest in the shares by 15 July and, if approved, a formal offer process would start on 18 July.

The shares are likely to be sold in blocks of £10,000 and may be eligible to be held in a Sipp.

Sanlam is the largest institutional investor in the platform and is understood to hold a 42 per cent stake in the business.

Sanlam UK chief executive Jonathan Polin adds: “Reflecting our commitment to Nucleus, we have recently increased our shareholding in it and, as part of the process, agreed to make a quoted number of shares available for Nucleus advisers to purchase. This will give them a greater stake in the business and, ultimately, its future. We are very excited about the potential of Nucleus and look forward to helping it achieve its future goals and ambitions.”

Nucleus chief executive David Ferguson says: “Giving advisers a say in the development of the platform has been central to Nucleus ever since we launched 10 years ago and this share offer has been designed to continue to promote adviser ownership in Nucleus and ensure our users continue to have a stake in our future success.”