17th Nov 2015 11:22
LONDON (Alliance News) - Illustrated book publisher The Quarto Group Inc on Tuesday said shareholders Harwood Capital and Wellcome Trust have sold their holdings in the company.
No details were provided on the price the shares were sold at by the two investors, but Harwood previously held a 20% stake in the business, while Wellcome Trust held a 10% stake.
Harwood Capital is a London-based activist investor, while Wellcome Trust is a biomedical research charity.
"In the three years since Harwood took a hands-on approach to our investment in Quarto with the support of Wellcome and others, the share price has improved by close to 50%," said Christopher Mills, the managing partner of Harwood and a Quarto non-executive director. He will step down from his role on the Quarto board when a replacement is identified.
"I am grateful for Christopher's support over the last three years as we have established a clearer operational structure and strategic roadmap in developing an even more successful Quarto. We have increased earnings and reduced debt substantially during this time," said Quarto Chief Executive Marcus Leaver.
Shares in Quarto were up 0.5% to 218.67 pence on Tuesday.
By Sam Unsted; [email protected]; @SamUAtAlliance
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