Investment manager sells 19% of shares in Non-Standard Finance
Investment fund manager Neil Woodford has sold 19% of his shares in Leeds-based lender Non-Standard Finance (NSF) and will have suffered a loss as prices in the firm have dropped.
Woodford has sold the shares to a fund run by Alchemy Partners in Guernsey. But shares have fallen nearly 60% over the last year and are currently at near all-time lows.
He had backed Non-Standard Finance’s hostile takeover bid for doorstep lender Provident Financial, which it pulled in June after failing to win the support of shareholders.
Woodford had held 23.9% in the company and now has less than 5%, meaning his stake dropped by around £43m in the last year.
Share prices at NSF have remained low since it walked away from the Provident bid.
Woodford hit the national news in June when his Equity Income fund was suspended.
