'Turnaround' specialist doubles stake in F&C

F&C shares are higher again this morning after ‘turnaround specialists' Sherborne Investors doubled its stake in the asset manager to 10%.

After yesterday announcing it has acquired 26,556,198 ordinary shares in F&C - a 5% stake in the firm - Sherborne today says it has purchased a further 22,804,407 ordinary shares in the asset manager for £14.5m. Yesterday's news sent F&C's share price up 22.3% to 63p. Sherborne now holds 41,360,605 ordinary shares in F&C, while it also has entered into a cash-settled total return equity swap, giving it an economic exposure to a further 8 million ordinary share. The Guernsey-based Sherborne says it conducts aiming to improve the underlying business operations of companies in which i...