Investment company raises stake in Pets At Home
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Leading investment company Old Mutual PLC raised its stake in Pets at Home Group PLC late last week, acquiring a further 1.09% stake in the pet goods retailer.
Having held a 12.01% stake in the London-listed firm prior to the transaction on Friday, Old Mutual now has a 14.10% holding through 70.5 million Pets at Home shares, according to a stock market announcement on Tuesday.
Based on Pets at Home's current issued share capital, Old Mutual upped its stake by around 10.5 million shares from 60.1 million beforehand. Based on the closing share price on the day of the transaction last Friday, the purchase would have been worth around GBP20.1 million, and value its current holding at about GBP135.4 million.
Based on trading on Tuesday, with Pets at Home trading down 1.0% at 185.75 pence, the value of Old Mutual's stake has fallen to about GBP131.0 million.
The purchase comes amid a recent sell-off by another major shareholder in Pets at Home. Kravis Roberts & Co sold off 61.0 million shares last Tuesday for around 195.08 pence for a total of GBP119.0 million, before selling off further shares through two other firms last Thursday.
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