Cenkos Securities founder Andy Stewart has sold a significant stake in the broker.
Stewart, who founded Cenkos in 2005, sold three million shares, or half his investment in the business, on 29 January worth around £2.3 million based on yesterday's closing price of 77.5p.
The move reduces Stewart's total interest in the firm to 4.71%.
Stewart retired from the Cenkos board in the summer of 2010 to pursue other interests, which included charity work, spending timing with his family and pursuing his love for horseracing.
By midday shares in Cenkos had lost 1.75p, or 2.3% to stand at 75.75p as the market absorbed the news.