Investment company Investec Asset Management has bought a 5.6% stake in Countrywide.
It had not had shares in the UK’s largest estate agent before, but as of this week holds just over 13.3m shares.
The purchase was announced at 2pm on Tuesday afternoon, when the Countrywide share price stood at 113.50p.
At that price, Investec’s shareholding would be worth in the region of £15.1m.
Yesterday, Countrywide shares closed the day at just over 113p.
Investec currently sponsors the England cricket team.
Comments (4)
Does this indicate the ‘bottom’ of the market?
I think not Anthony. I think there is room to go lower as the results in q3&4 will demonstrate. Then you have to factor in the loss of tenant fees and the lack of impetus the organisation is afflicted by as a result of the ‘retail’ farce and the dumbing down of the business by nailing a ‘we’re cheap’ banner to the front of the organisation. Could the buy be being underwritten by those already holding paper or, am I being too cynical? What is for sure is that I am instructing my SIPP holder to liquidate any position I may hold with Investec as I am alarmed at their lack of judgement. It’s like transferring your transatlantic passage from the Carpathia to the Titanic an hour after striking the iceberg. Let’s get wet!!
Bargain!!!
Maybe?
But will it still feel like that in 6 months or will Investec feel “stumped”