Spencer sells £31m of his ICAP shares

ICAP founder and Tory party treasurer Michael Spencer has offloaded £31m worth of his shares in ICAP, which he holds through IPGL, a company run by his family trusts.

IPGL also owns City Index, the spread betting firm, and the sale will enable IPGL to pay down some of its £130m loan from HSBC.

The 6m shares were sold at 512p yesterday and take Spencer’s stake to 16.5 per cent, from 17.4 per cent previously.

IPGL also owns Exotix, a distressed debt trader, Origin Asset Management and rents out his yacht.

This is the second big sale of ICAP shares by Spencer’s family company since January, when IPGL sold £45m’s worth of stock at 440p per share. IPGL is now left with 103m shares.

Overall, ICAP has risen over 25 per cent this year despite having mixed results.

ICAP shares closed up yesterday from Spencer’s sale price but down overall by 1.7 per cent at 519p.