13th Nov 2013 15:51
LONDON (Alliance News) - Sherborne Investors (Guernsey) B Limited Wednesday said it intends to return a special dividend to shareholders after its 5% stake in 3i Group PLC was partially sold. The remaining holding in 3i was offset by derivative positions to achieve a net neutral position in 3i.
The special dividend is expected to be 20 pence per share, with the remaining gain retained and used for a new investment by SIGB LP, of which Sherborne Investors (Guernsey) B owns 99.98%.
Sherborne Investors Management (Guernsey) LLC, SIGB LP's investment manager, is set to present a new investment opportunity in the near future.
The investment manager acquired the 3i stake on behalf of SIGB LP for an average net cost of approximately 266p per share, and the disposed shares and related derivatives positions now have a value of approximately 367p per share. 3i shares were quoted Wednesday afternoon at 371.59 pence per share, down 3.0%.
The investment manager said the risk of and rewards from new investments that it has identified offer better returns to the company's shareholders than a continuing investment in 3i.
Sherborne Investors (Guernsey) B Limited shares were Wednesday quoted at 107.00p, up 0.50p.
By Samuel Agini; [email protected]; @samuelagini
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Related Shares:
3i GroupSIGB.L