Laxey Partners is considering the future of its £130m shareholding in Shaftesbury after the company asked investors for more cash to fund acquisitions last month.

Laxey is the largest shareholder in the company, with almost one-fifth of the stock, but is understood to be reviewing its holding in spite of agreeing with the company’s £150m fully underwritten rights issue.

The corporate agitator, which last night declined to comment, is considering options including a placing of the stock or a market sale, which would have fetched about £130m based on yesterday’s closing price of £3.09.

It could also decide to hold on to the stake and take up its rights, although City sources last night said that was the more unlikely option, with a decision to be made as early as today.

Financial Times