REG - AJ Bell PLC - Consultancy Agreement

AJ BellAnnouncement

03/10/2022 08:00

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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 £150,000 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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