Brightside Group welcomes new major shareholderWednesday, February 13th, 2013
Specialist insurer Brightside (LON:BRT) has welcomed a new major shareholder on board, with Gibraltar-based insurance group Markerstudy taking a 9.3% stake.
Markerstudy has acquired 42.65mln shares from major Brightside shareholder Arron Banks and Brightside commercial director John Gannon; Brooks has sold 27.5mln shares and Gannon 15.2mln, with Gannon achieving an average price per share of 22.4p for his holding.
Banks and Gannon co-founded Brightside in 2005 along with finance director Paul Chase-Gardener.
Following the transaction, Brooks no longer has a notifiable interest in the shares of the company, while Gannon’s holding has been reduced to 2mln shares, equivalent to 0.44% of the issued share capital of the company.
Martyn Holman, chief executive of Brightside, said: “This investment strengthens the strong relationship between our companies and represents further industry support and recognition of our business model.”
The two companies have a previous business relationship, with Markerstudy providing a new underwriting facility last year to support Brightside’s eCar platform.
Brightside also announced that its finance director, Paul Chase-Gardener, has had 6.87mln Brightside shares transferred to him in exchange for his shareholding in Rock Holdings. The transfer assumed a price of 22p per Brightside share, and gives Chase-Gardener 40.57mln shares in the company, equivalent to an 8.89% stake.
Chase-Gardener has resigned from all directorships of Rock Holdings and no longer holds any shares in Rock Holdings group companies.