Fletcher King posted the highest rise of any London-listed real estate stock on Monday, after the company confirmed that Chelsfield co-founder Elliott Bernerd will take a near-30% stake in the business.
Bernerd will buy more than 1m new shares at 52.5p each in the asset manager, as well as buying shares from its three largest shareholders.
Chairman David Fletcher said: “It has been our wish for some time to have a significant shareholder who would help the expansion of our business and assist us in acquiring new clients and projects. Elliott and I have known each other since the early years of our careers. His expertise, vast experience and contacts throughout the world will be, I am sure, of great value to the company and its shareholders.”
The company’s shares rose by more than 11% to close at 50p, their highest in more than three years.
Supermarket group Morrisons saw one of the sharpest falls in the FTSE 100, dropping by 3.7% to 285.9p, just under a winning takeover bid of 287p per share from private equity giant Clayton, Dubilier & Rice.
The FTSE 100 was down by 0.2% at the close of trading, at 7,011. The FTSE 250 was down 1.4% at 22,654.
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