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Odey sells down stake in embattled RSM Tenon
by David Campbell on Aug 12, 2013 at 07:30
Crispin Odey, one of the UK’s most-followed hedge fund managers, has sold down his position in embattled accountant and financial services business RSM Tenon as takeover talk circulates.
Odey (pictured) pared his derivatives exposure from 21.75 million shares to 18.75 million or 5.81% worth £330,000 at a share price of 1.76p. The majority of the stake is held in his Odey European Inc fund, with the remainder held by other managers at his business, Odey Asset Management.
Value in RSM Tenon has essentially been written off since the beginning of 2011, with the shares down 97% from a high of 66p.
The company had aggressively borrowed to fund expansion in 2010 but posted a £100 million loss in late 2012 following the departure of a number of executives.
Shares in the business, the seventh largest accountant in the UK, tumbled 50% at the end of July after it revealed a takeover bid by rival Baker Tilly might value it at below the 3.5p it then traded.
Wealth Manager previously incorrectly stated that Crispin Odey had purchased shares in RSM Tenon
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