Often when an activist, such as Elliott Advisors, gets involved in a listed company in the US or Europe it agitates for a sale of the business to generate an immediate uplift in shareholder value...
It sounds like there is more to the sale of Robert Tchenguiz's 6pc shareholding in FirstGroup than meets the eye.
Last week, brokers to the flamboyant property entrepreneur forced him to sell is investment after he failed to come up with the "margin" (cash to fund the leveraged position held by spreadbetting firms), say people following the situation...
Robert Tchenguiz may have bailed out of FirstGroup but his chum at Coast Capital is upping its shareholding in the bus and rail company.
According to a regulatory filing, activist investor Coast Capital now owns almost 14pc of FirstGroup. See the link below:
https://www.investegate.co.uk/firstgroup-plc--fgp-/prn/holding-s--in-company/20200324084116P13C6/..
Ping! A friendly broker gets in touch to point out that Coast Capital, a New York-based activist hedge fund, has increased its stake in beleguered bus and rail operator FirstGroup to 4.1pc. Below is a link to the RNS disclosure:
https://www.investegate.co.uk/firstgroup-plc--fgp-/prn/holding-s--in-company/20181205131449P16D7/..