Friday 30th July
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| Branson reduces VM stake |
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| Written by Robert Piercy | ||||||
| Monday, 18 May 2009 21:27 | ||||||
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Sir Richard Branson has reduced his stake in Virgin Media.
The entrepreneur reduced his stake from 10.45% to 6.5%. A Virgin Group representitive described the move as "asset allocation" adding "Our brand is in Virgin Media and we are committed to it, we have board seats and a lot of support for management there. This was done two years ago. Just look at the economics of it: it was done at a time when share prices were high and we had a number of other ventures that we wanted to invest in. It was a bit of financial engineering to get some capital and it just makes sense now to see it through." Virgin Group is now the fourth largest shareholder with inverstment house Fidelity now hodoing the latrgest stake - 13.28%.
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