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Stephen Lansdown sells £200 million HL stake
by Dylan Lobo on Mar 26, 2014 at 17:30
Stephen Lansdown has sold 14.5 million shares in Hargreaves Lansdown (HL).
It is Lansdown’s first major disposal of shares since April 2013, when he netted around £50 million from the sale of 5.5 million shares.
Following the latest disposal Lansdown (pictured), who co-founded HL with Peter Hargreaves in 1981, now owns 75.5 million shares representing a 15.92% interest in the firm.
According to an announcement on the London Stock Exchange last night, Lansdown sold the shares on 25 March.
Based on a closing price of £14.06 on that day, Lansdown netted a windfall of around £200 million on the disposal.
Shares in Hargreaves closed at £14.76 on 26 March, a gain of 5% as they moved towards a 52-week high of £15.80.
Shares in the Bristol-based firm have been in demand since last week’s Budget revealed the ISA allowance will be increased from £11,520 to £15,000. Its stock rose by 15% in the afternoon following the announcement.
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