UPDATE 1-Laxey to dispose of 19 pct Shaftesbury stake

* Laxey to place 25.7 mln shares, 17.2 mln nil paid rights

* Follows backing of rights issue last week

(Adds details, background)

LONDON, June 11 (Reuters) - Hedge fund Laxey Partners said on Thursday it planned to sell its 130 million pound ($213.1 million) stake in London landlord Shaftesbury (SHB.L) less than a week after backing a two for three rights issue.

Laxey said J.P. Morgan Cazenove would place its 25.7 million shares, along with 17.2 million nil paid rights attached to the stake under the terms of the rights issue. The sale is expected to be completed by the end of the day.

Shareholders last week overwhelmingly backed plans by Shaftesbury to issue new shares in order to raise 149.1 million pounds that will be used to fund development of a new shopping and leisure hub in London's fashionable Soho district.

(Reporting by Paul Hoskins, editing by Sinead Cruise)