founder to sell 6.4 percent stake in firm

Reuters News
Posted: Mar 24, 2015 1:30 PM

LONDON (Reuters) - The founder of financial services price comparison firm intends to sell up to 6.4 percent of the company's issued share capital, reducing his stake to about 10 percent.

The sale of around 35 million shares in a placing could earn Simon Nixon, who founded the company in 1993, about 100 million pounds ($148.74 million), based on Moneysupermarket's closing share price of 286 pence on Tuesday.

Citigroup said it would carry out the sale via an accelerated bookbuild. Following completion of the placing, Nixon will be subject to a lock-up of 180 days in respect of his remaining shareholding in the company.

Last year, Nixon cashed in to the tune of 130 million pounds, after selling 70 million shares at 185 pence.

(Reporting by Sarah Young; Editing by Janet Lawrence)