(Alliance News) - Eddie Stobart Logistics PLC on Monday said Link Fund Solutions Ltd has slashed its stake to 5.7% from just under 20%, in a deal carried out on Thursday last week.
This comes as DBAY Advisors Ltd and TVFB, the latter of which is controlled by former Chief Executive Andrew Tinkler, vie for control of the club.
DBAY has put forward a GBP55 million lifeline in return for a 51% stake in the entity controlling Eddie Stobart's assets, but Tinkler has put forward a plan to raise up to GBP80 million to reduce the firm's debt.
Both released statements earlier Monday criticizing each other's plans and urging shareholders to support their own. DBAY currently holds 29% of Eddie Stobart, having bought shares last week, as did TVFB.
Shares in Eddie Stobart are currently suspended from trading in London, having been so since August, amid financial problems.
By George Collard; georgecollard@alliancenews.com
Copyright 2019 Alliance News Limited. All Rights Reserved.