Integrafin slumps as founder Michael Howard sells 3.5m shares

IntegraFin shares slumped on Tuesday after founder Michael Howard sold a 1.1% stake in the Transact owner.

Howard sold just over 3.5m shares at 563p each via an accelerated bookbuild to institutional investors.

"The sale was instructed, primarily, to enable Michael Howard to further fund a charitable foundation and also for diversification purposes," Integrafin said.

Barclays acted as global coordinator and bookrunner for the offering.

At 0925 BST, the shares were down 3.6% at 568.50p.