Share Centre sells £1.1m shares in London Stock Exchange
Share Plc has cashed in £1.6m of its investment in the London Stock Exchange in order to beef up its balance sheet in the past fortnight.
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The Share Centre retail stockbroking arm sold 40,000 of its holding in the LSE on Friday, reducing this stake to 60,000 shares.
AIM-listed Share said the proceeds of the sale were £1.12m, "which will serve to further strengthen the company's balance sheet".
This follows the sale of 20,000 LSE shares the week before, which had realised proceeds of £0.54m.
In October, the company said in a statement that trading performance in the third quarter had been in line with management expectations, with revenues excluding interest up by 7% year-on-year and assets up by 34% year-on-year to £3.6bn.
The company also announced an agreement to acquire a book of 8,000 client accounts that was expected to complete in April 2017, continuing what has proved one of its chief growth strategies.