January 14, 2020 / 2:59 PM / 7 months ago

Former Stobart boss Tinkler dumps stake in company

(Reuters) - Former boss and the fifth-largest shareholder of Stobart Group Ltd (STOB.L) Andrew Tinkler dissolved his stake in the infrastructure and support services company, according to a regulatory filing on Tuesday.

The stake sale would have fetched roughly 21 million pounds ($27.29 million), according to Reuters calculations based on the mid-point of the stock’s spread on Jan. 13.

Shares in the company hit session lows following the announcement. They were down 2.1% at 104 pence on the London Stock Exchange, as of 1519 GMT.

Tinkler was involved in a lengthy legal battle with Stobart in 2018 after he was sacked for alleged breach of contract and fiduciary duty but remained as a shareholder.

He had offered to raise his funding for Eddie Stobart Logistics Plc (ESLE.L), a former unit of the Stobart Group, last year before the haulier voted in favour of a takeover from top investor DBAY Advisors instead.

Tinkler, who previously served as the chairman of Eddie Stobart, still owns a 6.51% stake in the haulier, according to Refinitiv Eikon data.

TVFB, an investment vehicle run by Tinkler, was not immediately available for a comment.

Reporting by Yadarisa Shabong and Muvija M in Bengaluru; Editing by Aditya Soni

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