Dec. 4–Legal & General Investment Managers, the biggest institutional shareholder in Manchester United, has sold its stake to below the magic 3 percent level in a move highlighting the club’snew-found status as a plaything for tycoons.
With its 7.8 million shares, L&G was bang on the 3 percent stake limit above which shareholders have to declare their interest in the company. But it sold a small number of shares yesterday, taking its stake just below the bar.
Biggest investors now include US billionaire Malcolm Glazer, Irish moguls John Magnier and JP McManus and Dutchman John De Mol.
Such a shareholder base is almost unheard of in a company as big as Man U, but the process, which has taken place over the past year, has reaped rich rewards for institutions as demand pushed up the share price.
Hedge fund Lansdowne Partners this week confirmed it was UKpound 31.5 million wealthier after selling its 4 percent stake to Glazer.
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UKpound preceding a numeral refers to the United Kingdom’s pound sterling. (c) 2003, Evening Standard, London. Distributed by Knight Ridder/Tribune Business News.
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