Investor makes £1.56m from sale as stake drops back below 5%

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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.

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