First Derivatives’ Conlon family cashes out £62 million in stock
Financial data analytics company First Derivatives plc (LON:FDP) has announced that the Conlon family has sold more than a third of its holding in the company in a secondary offering.
First Derivatives was founded by longtime CEO Brian Conlon, who passed away in July 2019 at the age of 53 following a brief battle with cancer. At the time of his death Mr. Conlon owned 6.37 million shares of First Derivatives, or about 23.4% of the company. His wife Juliana formally inherited his shares after he passed away.
The Conlon family has now sold 2.32 million FDP shares for £27 each, which was yesterday’s closing price for the stock, for gross proceeds of £62.64 million (USD $83 million). The share placing was conducted via an accelerated bookbuild through Goodbody Stockbrokers UC.
Following the sale, the Conlon family has agreed to a lock-up period with Goodbody, and not to sell its remaining shares in the company for a period of 180 days, subject to certain customary exceptions. First Derivatives itself is not party to the sale and will not receive any proceeds from the placing.
Following completion of the sale the Conlon family will hold 4.05 million shares in the company, representing approximately 14.7% of the voting rights of FDP. Other large First Derivatives shareholders include Kabouter Management 7.98%, Columbia Threadneedle 7.85%, Standard Life Aberdeen 7.84%, T Rowe Price Associates 6.77%, Octopus Investments Ltd 5.99%, Baillie Gifford & Co 4.55%, and OppenheimerFunds 4.35%.