Former LXi shareholders sell shares for £47 million

Nick Leslau and Sandy Gumm, former shareholders of LXi, have sold a large number of shares after LondonMetric acquired LXi last year. They sold 26.4 million shares at a price of 178.7 pence each, totaling £47 million. Leslau and Gumm were part of the management team at Prestbury, which oversaw Secure Income Reit. Secure Income merged with LXi in 2022, leading to a one-year period where they could not sell their shares. When LondonMetric and LXi merged in March last year, another lock-up period of 12 months was established. After the recent sale, Leslau still owns 26.4 million shares, which is a 1.3 percent stake in the company. Gumm holds 351,640 shares. Both continue to serve as non-executive directors on LondonMetric's board. LondonMetric, which focuses on triple net leases, has been expanding through mergers. It recently acquired CT Property Trust and reported a significant increase in pre-tax profit in November, up by 102 percent.