Directors of Dawnay Day, the problem-hit property and financial services group, have continued to sell investments, allowing corporate raider Laxey Partners to become the biggest shareholder of one of the company’s associated Aim-listed property funds.

Supernova Holdings and Staracre Limited, in which Dawnay Day owners Peter Klimt and Guy Naggar have a substantial interest, yesterday said they had disposed of stakes in Dawnay Day Sirius, the Aim-listed German property fund in which Dawnay Day owns a stake of almost 50%.

The disposals were made as a result of the forced closing of a leveraged position, according to Sirius. Together, the pair of companies now hold about 6.4% of the fund.

Well-known arbitrageur Laxey has exploited the selloff, emerging yesterday with a near-8% stake.

Financial Times