Dec. 4–Legal & General Investment Managers, the biggest institutional shareholder in Manchester United, has sold its stake to below the magic 3 percent level in a move highlighting the club’snew-found status as a plaything for tycoons.<\/p>\n
With its 7.8 million shares, L&G was bang on the 3 percent stake limit above which shareholders have to declare their interest in the company. But it sold a small number of shares yesterday, taking its stake just below the bar.<\/p>\n
Biggest investors now include US billionaire Malcolm Glazer, Irish moguls John Magnier and JP McManus and Dutchman John De Mol.<\/p>\n
Such a shareholder base is almost unheard of in a company as big as Man U, but the process, which has taken place over the past year, has reaped rich rewards for institutions as demand pushed up the share price.<\/p>\n
Hedge fund Lansdowne Partners this week confirmed it was UKpound 31.5 million wealthier after selling its 4 percent stake to Glazer.<\/p>\n
—–<\/p>\n
To see more of the Evening Standard, or to subscribe to the newspaper, go to http:\/\/www.thisislondon.co.uk<\/p>\n
UKpound preceding a numeral refers to the United Kingdom’s pound sterling. (c) 2003, Evening Standard, London. Distributed by Knight Ridder\/Tribune Business News.<\/p>\n
LGEN, LGGNY, MNU,<\/p>\n","protected":false},"excerpt":{"rendered":"
Dec. 4–Legal & General Investment Managers, the biggest institutional shareholder in Manchester United, has sold its stake to below the magic 3 percent level in a move highlighting the club’snew-found status as a plaything for tycoons. With its 7.8 million […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[3],"tags":[],"class_list":["post-1858","post","type-post","status-publish","format-standard","hentry","category-hedgeco-news"],"_links":{"self":[{"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/posts\/1858","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/comments?post=1858"}],"version-history":[{"count":0,"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/posts\/1858\/revisions"}],"wp:attachment":[{"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/media?parent=1858"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/categories?post=1858"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/tags?post=1858"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}