Share Centre sells £1.1m shares in London Stock Exchange

19th Dec 2016 12:43

(ShareCast News) - 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. 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.