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TODAY'S OTHER NEWS

Countrywide: major investor reduces holding as share price sinks further

One of Countrywide's major investors has significantly reduced its holding in the troubled estate agency group.

Oaktree Capital yesterday lowered its stake in the company to 18.28%, down by almost half from 30.13%.

Another investor, Investec Asset Management, increased its stake in the group yesterday from 5.75% to 12.5%

The Countrywide share price closed at 10.50 yesterday, hitting a new low and down almost 10% after another day of disappointing trading.

Last week, the agency launched new shares following the backing of a management bid for £140 million in additional funding earlier in the week.

The proposals were backed by 98% of Oaktree Capital alongside 99% of Brandes Investment Partners, the agency's other major investor.

Since the start of 2018, Countrywide has issued a series of profit warnings and in its interim figures reported during the summer it revealed a pre-tax loss of £205.8 million in the first half of the year compared to a profit of £500,000 last year.

Income dropped 9% to £303.6 million and adjusted earnings plummeted over 50% to £10.7 million.

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    Timing with a market cooling could not be worse. Break up inevitable ?
    Is AP still on the board of Tesco ?

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