Is Foxtons going up for sale?
That is the question we asked 15 months ago after reports that Foxtons had asked adviser Rothschild to find a buyer following pressure from activist investors.
The London-based estate agent had been told in April last year to put itself up for sale by Canadian group Converium Capital and UK investor Milkwood, both of which own around 5% of the group.
According to press reports, Milkwood boss Rhys Sommerton believed a sale was the only way to “extract fair value” for the business.
Converium Capital also called for a sale in 2022, noting at that time shareholders had lost almost 90% of their money or £650 million since it floated in 2013.
Now Foxtons has announced a change in its major holdings, with Converium Capital Master Fund LP increasing its voting rights in the company to 5.010179%.
This acquisition marks a significant shift in the ownership structure, potentially impacting the company’s strategic decisions and stakeholder dynamics.
Converium Capital Inc., acting as the investment advisor, manages these voting rights, indicating a consolidated control over the shares held by Converium’s investment vehicles.
So the same company pushing for a sale of Foxtons now increases their holding by another 1% a year or so later ??? Really ??? So much for being disappointed with the performance of the company !!
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