Investor makes £1.56m from sale as stake drops back below 5%
Hedge fund Tosca has told 2.18 million shares in insurance outsourcer Quindell, taking its stake back below 5%.
Based on Quindell’s closing share price of 71.75p on 10 February, the day Tosca sold the shares, the private equity firm has made £1.56m from selling the shares.
Tosca now has a 4.9% holding in Quindell.
Tosca bought 1.9 million shares in Quindell on 2 January, which took its stake in the outsourcer above 5% to 5.38%.
Based on Quindell’s closing share price of 47p on 2 January, Tosca would have paid £893,000 for boosting its stake.