Beleaguered fund manager Neil Woodford, one of the first champions of Purplebricks, has reduced his stake in the troubled agency for the second day running.
In an announcement this afternoon, Purplebricks revealed that Woodford's stake had dropped from 23.87 per cent to 21.51 per cent.
Twenty four hours ago he reduced his stake for the first time, from 28.9 per cent to 23.87 per cent.
In total, Woodford has recouped about £20m from the company in the past 24 hours as he attempts to gather money to help bail out his other ailing investments.
Earlier today Toscafund - a hedge fund that has made a takeover bid for e-Prop, owner of easyProperty - increased its stake in Purplebricks, although this remains only 10.11 per cent in total.
Meanwhile the largest single investor remains the digital arm of German publishing house Axel Springer, which owns titles as diverse as Rolling Stone and Insider Business.
This week it purchased over 43 million shares in Purplebricks; this was roughly the amount sold by the agency’s founders Michael and Kenny Bruce, and Michael’s wife Isobel.
The hectic movement of shares in recent days suggests there may be bids to take over the company in the near future, with Axel Springer best placed at the moment.
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The inextricable decline of a failedprocess
I’m afraid it’s all about the Emperors clothes. Are they exquisite or do they even exist? Were the Bruce’s Tailors or pr wizards?
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