12th Oct 2015 15:32
LONDON (Alliance News) - London Finance & Investment Group PLC Monday said it has raised GBP2.0 million from selling part of its stake in fellow London-listed Finsbury Food Group PLC.
The investment company said it sold 2.0 million shares in Finsbury for 100.0 pence per share, reducing its total holding in Finsbury to 8.0 million shares, representing a 6.25% stake in the company. London Finance said it made a GBP385,000 profit from the sale.
London Finance said it "remains a committed investor" in Finsbury following the sale.
The GBP2.0 million in proceeds will be used to eliminate debt in the short term and will be reinvested "in due course".
London Finance shares were down 1.3% to 36.02 pence per share near the close Monday, whilst Finsbury Food shares were trading up 0.5% to 100.95p.
By Joshua Warner; [email protected]; @JoshAlliance
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