Guy Naggar and Peter Klimt, the owners of beleaguered financial group Dawnay Day, sold more than £3m worth of shares in the listed property trusts that their financial services company manages last Friday.

The owners of Dawnay Day Group sold contracts for difference over shares in Dawnay Day Treveria and Dawnay Day Sirius, AIM-listed property funds which Dawnay Day manages.

Shares in Treveria fell 13% to €0.29 today, and shares in Sirius fell 9% to €0.43, following reports that Dawnay Day had brought in Ernst & Young to restructure the group. Last week it sold a 20% stake in fund manager F&C for a loss.

Indirect interests

The sales were undertaken through private investment vehicles in which Klimt and Naggar have a substantial interest. On Friday, Jetpath and Mariona sold 4,350,000 and 4,550,000 respectively, at an average price of €0.34c a share. The majority of the shares, 8.7m, were bought by a division of Swiss investment bank LCF Edmond de Rothschild.

The sale represented 1.5% of the company. Klimt and Naggar still have an indirect economic interest in 7% of Treveria.

Supernova Holdings, a company in which Klimt has a substantial interest, on Friday sold 2.7m shares in Sirius, at an average price of €0.43. Through holding companies, Klimt and his family have an indirect interest in 2.3% of Sirius’ shares.