Sanlam to offload £3.6m Nucleus shares

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Sanlam is selling more than £3.6m worth of Nucleus shares, Fund Strategy‘s sister publication Money Marketing has revealed.

In a note to shareholders, seen by Money Marketing, the platform reveals Sanlam wants to offer 109,765 Nucleus B shares at £33 each. The shares are only being offered to Nucleus users.

Sanlam purchased the shares earlier this year as payment to satisfy a previous debt.

Nucleus users have been asked to express their interest in the shares by 15 July and, if approved, a formal offer process would start on 18 July.

The shares are likely to be sold in blocks of £10,000 and may be eligible to be held in a Sipp.

Sanlam is the largest institutional investor in the platform and is understood to hold a 42 per cent stake in the business.

Nucleus and Sanlam have been approached for comment.