25th Mar 2019 11:54
LONDON (Alliance News) - Shares in Rolls-Royce Holdings PLC were down on Monday after activist investor ValueAct Capital Management LP cut its stake in the jet engine maker by about 1.5%.
Rolls-Royce shares were down 2.3% at 884.80 pence, the third worst performer in the FTSE 100 on Monday.
ValueAct Capital Management sold 1.9 billion shares in Rolls-Royce last week, cutting its holding to 9.4% from 10.9%. Based on the current share price the stake sale, equal to around 28,567,460 shares, is worth about GBP252.5 million.
Following the sale, the activist investor remains the largest individual shareholder in Rolls-Royce.
ValueAct became the company's largest investor in 2015 and a representative of ValueAct joined the Rolls-Royce board in 2016.
Related Shares:
Rolls-Royce