(Reuters) - Former boss and the fifth-largest shareholder of Stobart Group Ltd (STOB.L) Andrew Tinkler dissolved his stake in the infrastructure and support services company, according to a regulatory filing on Tuesday.
The stake sale would have fetched roughly 21 million pounds ($27.29 million), according to Reuters calculations based on the mid-point of the stock’s spread on Jan. 13.
Shares in the company hit session lows following the announcement. They were down 2.1% at 104 pence on the London Stock Exchange, as of 1519 GMT.
Tinkler was involved in a lengthy legal battle with Stobart in 2018 after he was sacked for alleged breach of contract and fiduciary duty but remained as a shareholder.
He had offered to raise his funding for Eddie Stobart Logistics Plc (ESLE.L), a former unit of the Stobart Group, last year before the haulier voted in favour of a takeover from top investor DBAY Advisors instead.
Tinkler, who previously served as the chairman of Eddie Stobart, still owns a 6.51% stake in the haulier, according to Refinitiv Eikon data.
TVFB, an investment vehicle run by Tinkler, was not immediately available for a comment.
Reporting by Yadarisa Shabong and Muvija M in Bengaluru; Editing by Aditya Soni