(Alliance News) - Stobart Group Ltd on Tuesday said Andrew Tinkler sold his entire 4.975% stake in the company on Monday and now has no holding.
Stobart shares closed Tuesday in London at 107.00 pence, giving the logistics firm a market capitalisation of GBP400.9 million. This makes Tinkler's disposal worth about GBP20 million.
Stobart is part owner of financially troubled regional airline Flybe and also operates London Southend airport.
Tinkler is the former chief executive of Stobart Group but had a major falling out with the company.
Back in December, he built a 6.51% stake in Stobart spin-off Eddie Stobart Logistics PLC, a holding he retains. Trading in Eddie Stobart shares have been suspended since August as a financial rescue plan was negotiated for the haulage firm, with Tinkler being at odds with other shareholders.
Tinkler left as CEO of Stobart Group in 2017 and was removed by the company as an executive director in June 2018. He appealed but lost in court. Tinkler's dismissal as executive director was prompted by his move to oppose the re-election of Chair Iain Ferguson.
By Tom Waite; thomaslwaite@alliancenews.com
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