3i rises as Sherborne increases stake

published 29 January 2013

3i, the international investor focused on mid-market private equity, has told the market that Sherborne Investors, which describes itself as a 'turnaround investment firm', has built up its stake in 3i.

Sherborne is understood by 3i to have acquired then sold 3i shares to Jefferies International, Sherborne's nominated advisor and broker, meaning that at the close on January 15th it has acquired an interest representing approximately 0.7% of 3i's total issued share capital, and has since sold that interest to Jefferies.

Following this, Sherborne is believed to have acquired further 3i shares, and that at close of business on January 22nd, Jefferies owned approximately 1.6% of 3i's total issued share capital.

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In a statement 3i said the following: "The board notes that in November 2012, an investment vehicle, Sherborne Investors (Guernsey) B, which is managed by Sherborne Investors Management (Guernsey), raised gross proceeds of £207m with the stated objective of investing in a company which is publicly quoted, most likely on a UK stock exchange, and which it considers to be undervalued.

"The board also notes the comments in a Financial Times article on January 3rd 2013 in relation to this new investment vehicle, stating that 'most of the £200m raised will be used to buy up to 30% of one target'."

Shares in 3i climbed 3.09% to 266.90p by 13:10 on Tuesday.