Director dealings: IntegraFin founder dematerialises entire shareholding

IntegraFin revealed on Tuesday that former chairman Michael Howard had disposed of six million ordinary shares in the provider of platform services to UK financial advisers and dematerialised his entire stake.

Howard, who founded the group in 1999, sold the shares on the previous Monday at an average price of 370p each, for a total transaction value of £22.2m.

While Howard will stay on with the group as an executive director, the former chairman also dematerialised his entire shareholding of 43.95m ordinary shares in order to enable the sale and, in part, to reduce the risks from such a large shareholding being held in certificated form, the company said.

On the other hand, the sale was meant to provide seed funding for a charitable foundation and "residually" for diversification purposes.

Back in July, IntegraFin updated the market on the funds under direction under its financial platform 'Transact' for the third quarter, with the closing figure rising to £36.35bn from £31.88bn a year earlier.

The FTSE 250 firm said inflows during the three months ended 30 June totalled £1.39bn, down from £1.45bn year-on-year, while outflows widened to £592m from £487m.

That made for net-positive flows of £796m, compared to £959m a year earlier.

As of 1630 BST, Integrafin shares had lost 5.18% to 375.50p.

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Seeing Machines Ltd. (SEE)
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Pearson (PSON)
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Pearson (PSON)
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Hansteen Holdings (HSTN)
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Hansteen Holdings (HSTN)
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Hansteen Holdings (HSTN)
Director name: Egglenton,Melvyn
Amount purchased: 22,008 @ 90.40p
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Pearson (PSON)
Director name: Lynton,Michael
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Transgloble Energy Corporation Npv (di) (TGL)
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Utilico Emerging Markets Ltd (di) (UEM)
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Pearson (PSON)
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Top Director Sells

Integrafin Holding (IHP)
Director name: Howard,Michael
Amount sold: 6,000,000 @ 370.00p
Value: £22,200,000.29