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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