Partner Article

MoneySupermarket founder sells of £160m stake in business

The founder of Chester-based comparison website, MoneySupermarket.com, has announced he will sell off his £160m stake in the business.

Simon Nixon, who set up the firm as a student in 1993, will release up to 80m existing ordinary shares worth 0.02 pence each, which represents 14.8% of the firm’s share capital.

The deal, which is being managed by Credit Suisse and Citigroup, will also see Mr Nixon’s role as executive deputy chairman change to a non-executive position.

In a statement released on Wednesday, Credit Suisse and Citigroup said the move will allow the founder to “diversify his personal holdings.”

The share placing will be the first major disposal since MoneySupermarket.com’s IPO in July 2007.

Mr Nixon will be subject to what Credit Suisse and Citigroup called a “lock-up” of 9 months with respect to his remaining stake in the company.

Gerald Corbett, chairman of MoneySupermarket, said: “The placing by Simon Nixon will increase liquidity and help normalise the Company’s shareholding structure.

“Simon remains a major shareholder and will continue to play a key role on the Board as the Non-Executive Deputy Chairman.”

News of Mr Nixon’s share placing came alongside an announcement that MoneySupermarket.com will extend a special interim dividend of £70m to its share holders, which equates to 12.92 pence per share.

Mr Corbett added: “The Board remains committed to a progressive dividend policy in line with the investment and capital needs of the business.”

This was posted in Bdaily's Members' News section by Miranda Dobson .