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Former Stobart boss Tinkler dumps stake in company

(Adds details on stake sale, shares, background)

Jan 14 (Reuters) – Former boss and the fifth-largest shareholder of Stobart Group Ltd Andrew Tinkler dissolved his stake in the infrastructure and support services company, according to a regulatory filing on Tuesday.

The stake sale would have fetched roughly 21 million pounds ($27.29 million), according to Reuters calculations based on the mid-point of the stock’s spread on Jan. 13.

Shares in the company hit session lows following the announcement. They were down 2.1% at 104 pence on the London Stock Exchange, as of 1519 GMT.

Tinkler was involved in a lengthy legal battle with Stobart in 2018 after he was sacked for alleged breach of contract and fiduciary duty but remained as a shareholder.

He had offered to raise his funding for Eddie Stobart Logistics Plc, a former unit of the Stobart Group, last year before the haulier voted in favour of a takeover from top investor DBAY Advisors instead.

Tinkler, who previously served as the chairman of Eddie Stobart, still owns a 6.51% stake in the haulier, according to Refinitiv Eikon data.

TVFB, an investment vehicle run by Tinkler, was not immediately available for a comment.

($1 = 0.7694 pounds) (Reporting by Yadarisa Shabong and Muvija M in Bengaluru; Editing by Aditya Soni)

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