3i rises as Sherborne increases stake

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.

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.

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.

NR

Recommended

Share tips of the week – 22 October
Share tips

Share tips of the week – 22 October

MoneyWeek’s comprehensive guide to the best of this week’s share tips from the rest of the UK's financial pages.
22 Oct 2021
Three dividend stocks from the dynamic Asia/Pacific region
Share tips

Three dividend stocks from the dynamic Asia/Pacific region

Professional investor Sat Duhra of the Henderson Far East Income investment trust highlights three of his favourite stocks.
18 Oct 2021
Share tips of the week – 15 October
Share tips

Share tips of the week – 15 October

MoneyWeek’s comprehensive guide to the best of this week’s share tips from the rest of the UK's financial pages.
15 Oct 2021
Trading: stash the family cash in this cheap wealth management firm
Trading

Trading: stash the family cash in this cheap wealth management firm

Wealth management is a growth market. Rathbone Brothers should be a prime beneficiary – and looks cheap. Matthew Partridge explains the best way to pl…
12 Oct 2021

Most Popular

How to invest as we move to a hydrogen economy
Energy

How to invest as we move to a hydrogen economy

The government has started to roll out its plans for switching us over from fossil fuels to hydrogen and renewable energy. Should investors buy in? St…
8 Oct 2021
How to invest in SMRs – the future of green energy
Energy

How to invest in SMRs – the future of green energy

The UK’s electricity supply needs to be more robust for days when the wind doesn’t blow. We need nuclear power, says Dominic Frisby. And the future of…
6 Oct 2021
The after effects of the gas-price shock
Economy

The after effects of the gas-price shock

In the wake of the recent spike in the natural gas price, we can expect slower growth, an industrial recession – and a newly assertive Russia, says Ma…
17 Oct 2021