Icap chief nets £45.4m

City A.M. Reporter
MICHAEL Spencer, the founder and chief executive of Icap, has cut his and his family’s stake in the world’s largest inter-dealer broker, raising £45.4m.

Spencer, the treasurer of the Conservative Party, sold more than half his personal stake at 440p, raising £14.6m.

Separately his family firm, IPGL, also placed 7m shares at 440p each, raising £30.8m.

IPGL said it would use the funds to reduce debt levels in a statement issued through Icap.

Taken together, the transaction will see Spencer reduce his interest in Icap to 17.4 per cent from about 19 per cent.

“IPGL had previously planned to make other asset disposals, as part of the rebalancing of its investment portfolio,” the family holding company said in a statement to the London Stock Exchange.