Woodford Investment Management has shaved its stake in Purplebricks.
The reduction is small: Woodford now has 17.64% voting rights, down from 19.25%.
The threshold was crossed on Tuesday and notified to the London Stock Exchange yesterday afternoon.
Embattled fund manager Neil Woodford was the largest stakeholder in Purplebricks, but in June sold around £16m of shares to cut his stake from almost 29% to about 24%.
According to Purplebricks’ recently published annual report, Axel Springer is now the biggest shareholder with a 26.57% stake, with Woodford Investment in second place with 19.26% (as of this week now 17.64%); Merian Global Investors has a 16.6% stake; Toscafund Asset Management 10.43%; and chairman Paul Pindar has 3.53%.
The sell-off by Woodford of almost 5m shares helped his fund liquidate assets of almost £6m and prompted speculation that the buyer may have been Axel Springer which was last week rumoured to be interested in taking over Purplebricks.
Yesterday shares in Purplebricks closed at 121p.