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AJ Bell Business Solutions Limited, a wholly owned subsidiary of AJ Bell plc, entered into a consultancy agreement with Blythe Business Services Ltd (BBSL), a company associated with former director Andy Bell, on 1 October 2022. The agreement, which began on the same date, stipulates an annual fee of £150,000 for procuring Andy Bell's services for not less than 48 full days a year. This related party transaction can be terminated by either party with not less than one month's notice expiring after 30 September 2023, and AJ Bell's sponsor has opined the terms are fair and reasonable for shareholders.
| Date | 3 Oct 2022 |
| Time | 08:00:01 |
| Category | Acquisitions and alliances |
| ID | 5079B |
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