View the article online at http://citywire.co.uk/wealth-manager/article/a745283
Wealth boss sells down £760k stake in business
by David Campbell on Apr 08, 2014 at 07:56
AFH Financial chief executive Alan Hudson (pictured) has sold £760,128 of stock in the company in one of his first acts following the company’s admission to AIM last week.
Hudson sold 546,855 shares in the company at 139.99p each, a fractional discount to the issue price of 140p and the open-market price of 145p which they climbed to by the close of business yesterday.
The sale leaves him with 8.82 million shares in the business, or 48.31% of the market cap. The company had earlier raised £1.62 million to fund working capital and further acquisitions.
The Bromsgrove-based company, which is targeting a sizeable consolidation of the UK’s fractured and low-scale advice industry, has secured a sting of buys in recent years.
In results release at the end of last month the company announced a 250% increase in profits over the 12 months to the end of October, to a pre-tax total of £1 million.
A total of six acquisitions over the period boosted adviser numbers 30%to 122, while revenues rose 50% to £11 million
'I am delighted with the strength of the group's performance during the year,’ Hudson said at the time. ‘As noted, AFH has invested in strengthening its management and to prepare itself for anticipated growth.
'The directors are confident that the group is well positioned to take advantage of market opportunities.'
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