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IPO of fintech company

Nucleus CEO enjoys £1m boost as shares rocket

David Ferguson

David Ferguson: ‘Important milestone’ (pic: Terry Murden)


Nucleus co-founder David Ferguson saw £1 million added to his personal stake in the wrap platform after its shares rocketed on their stock market debut.

Investors drove the shares up from their strike price of 183p to close at 239.5p, adding £43m to the £140m pre-trade value of the company when dealings began on the Alternative Investment Market.

Mr Ferguson’s 2.4% stake in the Edinburgh-based business rose from £3.3m to £4.4m.

The placing of 22.9% of the capital has raised £32.1m for the selling shareholders, chiefly the South Africa-based investor Sanlam Investment Management which is the Edinburgh wrap platform’s biggest shareholder.

Nucleus was co-founded in 2006 and provides independent services to more than 2,200 adviser users across more than 800 financial adviser firms. It is responsible for assets under administration of £14.3 billion on behalf of more than 90,000 customers.

The platform facilitates more than 1.1 million client account transactions on average per month.

Mr Ferguson, chief executive, said: “This is an important milestone as we continue our work to support and promote the strategic alignment of advisers and their customers.

“It’s great to see so many institutional investors believing in the growth potential of this objective and we look forward to collaborating with our users to further promote transparency and improve customer outcomes.”

The board said it intends to pay interim and final dividends representing a pay-out ratio of between 60% and 70% of the group’s profit after tax, adjusted for any exceptional items.

Angus Samuels, chairman, joined the board in July 2006 as a non-executive director and was appointed chairman in March 2017.

He has previously held a number of chief executive roles, including at Sanwa Asset Management UK, Credit Suisse Asset Management and Sanlam Investment Management.

He currently serves as the chairman of Punter Southall Group and Craven Street Capital and holds a number of other non-executive directorships, including with Sanlam UK and Sanlam Life and Pensions UK.

Shepherd and Wedderburn was lead legal adviser to Nucleus’s admission to the AIM.

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