(Reuters) – Former chief and fifth largest shareholder of Stobart Group Ltd (STOB.L) Andrew Tinkler dissolved his participation in the infrastructure and support services company, according to a regulatory document published on Tuesday.
The sale of the stake would have reached approximately 21 million pounds ($ 27.29 million), according to Reuters calculations based on the midpoint of the spread of the shares on January 13.
Shares in the company reached session lows after the announcement. They dropped 2.1% to 104 pence on the London Stock Exchange, starting at 1519 GMT.
Tinkler was involved in a long legal battle with Stobart in 2018 after he was fired for alleged breach of contract and fiduciary duty, but remained a shareholder.
He had offered to raise funds for Eddie Stobart Logistics Plc (ESLE.L), a former unit of the Stobart Group, last year before the carrier voted in favor of an acquisition by major DBAY Advisors investors.
Tinkler, who previously served as president of Eddie Stobart, still owns a 6.51% stake in the carrier, according to data from Refinitiv Eikon.
TVFB, an investment vehicle run by Tinkler, was not immediately available for comment.
Reports of Yadarisa Shabong and Muvija M in Bangalore; Editing by Aditya Soni