AJ Bell PLC Consultancy Agreement (5079B)
October 03 2022 - 3:00AM
UK Regulatory
TIDMAJB
RNS Number : 5079B
AJ Bell PLC
03 October 2022
3 October 2022
AJ Bell plc ('AJ Bell' or 'Company')
Further to the announcement on 27 September 2022 (RNS 7113A)
about Andy Bell continuing to work with the Company in a
consultancy role after stepping down as chief executive officer and
a director, AJ Bell today announces that AJ Bell Business Solutions
Limited, a wholly owned subsidiary of AJ Bell, entered into a
consultancy agreement (Consultancy Agreement) with Blythe Business
Services Ltd (BBSL), a company associated with Andy, on 1 October
2022.
Under the terms of the Consultancy Agreement, BBSL will be paid
an annual fee of GBP150,000 for procuring the services of Andy for
not less than 48 full days a year. The term of the Consultancy
Agreement began on 1 October 2022 and can be terminated by either
party on not less than one months' notice expiring at any time
after 30 September 2023.
BBSL is a related party of the Company because it is associated
with Andy, who is both a substantial shareholder and a former
director of AJ Bell (with effect from 30 September 2022).
The Consultancy Agreement falls within Listing Rule 11.1.10R
(smaller related party transactions) and this announcement is made
in accordance with Listing Rule 11.1.10R(c). Before the Consultancy
Agreement was entered into AJ Bell obtained an opinion from its
sponsor that the terms of the arrangement are fair and reasonable
as far as the shareholders of the Company are concerned for the
purposes of Listing Rule 11.1.10R (b) .
For further information, please contact:
AJ Bell plc
Bruce Robinson, Company Secretary +44 (0) 780 234 4859
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END
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