Invesco is believed to have sold its remaining holdings in the Honeycomb investment trust.
The alternative finance-focused fund announced in a stock market update that two unnamed major shareholders have sold, in aggregate, 13 million ordinary shares at a price of 850 pence per share, equivalent to 35 per cent of the issued share capital.
The update said the investment trust manager Pollen Street Capital had authorised a major shareholder to sell their remaining 6,043,595 shares, which analysts at brokerage Numis said corresponds with Invesco’s holdings.
Honeycomb did not receive any proceeds as it was not party to the sale.
“The number of shares sold by one of the major shareholders of 6.043 million corresponds to the number of shares held by Invesco, according to Bloomberg,” Numis said.
“The repurchase price of 850p represents a 16 per cent discount to the net asset value at 31 December, and an 8.1 per cent discount to the share price.”
A separate stock market update shows Quilter has increased its stake in Honeycomb from 27.96 per cent to 28.05 per cent.