The owners of beleaguered property and financial services group Dawnay Day continued to sell of shares in listed property investments today.

Peter Klimt and Guy Naggar sold almost 15m shares in AIM-listed German retail investor Dawnay Day Treveria, netting them more than £3m. The sales were made as a result the forced closure of leveraged positions.

Rising shares

Despite the sell-off, shares in Treveria have risen 12% to €0.37 today, after rising 9% yesterday. This is possibly as a result of Treveria distancing itself from the wider Dawnay Day group. Yesterday it said it could sever ties with the Dawnay Day subsidiary that manages it, and today’s sell off leaves Klimt and Naggar with only a 0.8% interest in the company.

Reports emerged yesterday that BDO Stoy Hayward had been appointed receiver to two of Dawnay Day’s subsidiary companies, which have property assets of around £500m.

Last week Dawnay Day sold its 20% stake in F&C Asset Management, and Ernst & Young are undertaking a review of the company’s assets.

Topics