Highlights

• Founder Brian Marsh OBE sold 2,338,461 existing B.P. Marsh ordinary shares at 650p each, worth about £15.2m.

• Additional Demand pushed the final sale above the roughly 1.69m shares indicated in the initial announcement.

• No new shares were issued, so the transaction causes no dilution and raises no money for the company.

• The 650p price sits well below the 1,048.5p undiluted net asset value per share reported for 31 July.

More than three decades after founding the Business in 1990, Brian Marsh OBE has sold a sizeable block of the shares that carry his name. B.P. Marsh (LSE:BPM) confirmed on 10 November 2026 that its founder and Life President disposed of 2,338,461 existing ordinary shares at 650p each, a sale worth about £15.2m and noticeably larger than the deal flagged just hours earlier.

Founder sale upsized overnight

On 9 November 2026, it was confirmed that Brian Marsh OBE intended to sell existing ordinary shares of 10p each with an aggregate value of about £11.0m at 650p, representing approximately 1.69m sale shares. The banks handling the sale had received expressions of interest from institutional investors.

The follow-up confirmed the final size at 2,338,461 shares at the same price, with the increase attributed to additional demand. On a calculated basis, that is about 648,000 more shares than first indicated.

A Shareholder sale, not a fundraise

This is a secondary sale by an individual shareholder. No new shares were created, so existing investors are not diluted, and the proceeds go to the seller rather than to B.P. Marsh.

The company (LSE:BPM) is a specialist private Capital investor in early-stage financial services businesses in the UK and internationally, with a focus on insurance intermediaries. It typically takes minority stakes of 20% to 40%, investing up to £5m.

Valuation and capital return context

At 31 July 2026, B.P. Marsh (LSE:BPM) reported net asset value of £372.2m, equal to 1,048.5p per share undiluted and 996.0p fully diluted. On a calculated basis, the 650p sale price is about 38% below the undiluted figure.

The group has also been returning cash. Dividends of £13.0m, or 36.29p per share, were paid in the year to date, including an £8.0m special dividend, and a buyback programme of up to £2.0m was announced in July 2026. Under that programme, 120,000 shares were bought at an average of £6.77 during the half, with a further 176,991 acquired at an average of £6.68 after the period end, both above the 650p sale price.

Shares in issue totalled 37,100,000 at 31 July 2026, with 1,219,488 held in treasury. On that basis, the shares sold represent roughly 6.5% of voting shares, a calculation that excludes later Buybacks and option exercises.

Points shareholders may watch

Moving stock from the founder to institutional buyers widens the free float and the pool of shares available to trade. Shareholders will be looking for any holding notification confirming the founder's remaining interest, along with details of any restrictions on further sales.

A founder's stake changes hands

Brian Marsh built the partnership-led model that the chief executive credits with compound NAV growth of 10.9% a year since flotation. This disposal reshapes the register of one of the AIM market's longer-established Investment companies without changing its balance sheet.