F&C shares soar 23% as ‘turnaround' group acquires stake

F&C shares have soared almost 23% this morning after Sherborne Investors, a group which specialises in turning around recovery situations, took a 5% stake in the firm.

The Guernsey-based Sherborne purchased 26,556,198 ordinary shares in F&C, at a total cost of £15.6m. Sherborne Investors says it conducts "turnaround investing", aiming to improve the underlying business operations of companies in which it takes a position. "The group may continue to acquire shares in F&C, but if it is unable to acquire a large enough shareholding at an acceptable price, the Group may elect to dispose of its shareholding in F&C and invest in another company," Sherborne says. "Further, pursuant to the group's investment policy the group intends that its shareholding...