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Woodford boosts Wm Morrison stake (and leads £10m tech cash call)
by Sarah Miloudi on Mar 11, 2013 at 07:55
Using fellow asset manager BlackRock's sale of the stock, Invesco Perpetual's investment head is understood to have upped his Morrisons position from 5.33% to 7.69%.
According to the Sunday Telegraph, BlackRock previously owned more than 10% of the stock, however it sold down its holding in January, leaving it with a position of just over 4.22%.
Initially, Morrisons is not expected to defy this trend and on Thursday will report a 2.5% drop in its like-for-like sales, analysts believe.
However longer term, analysts also expect the supermarket's new boss Dalton Philips to step up his turnaround plan with the announcement of a raft of new, smaller stores, as well as an online sales platform for groceries.
Shares in Wm Morrison on Friday closed at 263p, up 1.34% on the day, though still some way off its 52-week high of 320p.
He and Invesco Perpetual led a £10 million investment drive by the firm, which uses nylon beads to clean clothes using a minimal amount of water. It targets custom in the $100 billion global laundry industry.
Invesco Perpetual committed £6 million to the firm, while £4 million was raised from IP Group, the Entrepreneurs fund, Enterprise Ventures’ RisingStars II fund, Finance Yorkshire, and Parkwalk Advisors.
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