Laxey Partners Said to Sell 10% Stake in Quintain Estates

Laxey Partners Ltd., the biggest shareholder in Quintain Estates & Development Plc (QED), sold a 10 percent stake in the British property developer, according to a person familiar with the transaction.

Numis Securities Ltd. managed the sale on behalf of Laxey, a hedge-fund manager based in the Isle of Man, said the person, who declined to be identified because the information isn’t public. The brokerage placed 53 million shares at 53 pence apiece today, raising 28.1 million pounds ($45 million), a separate person said.

Quintain climbed 1.9 percent to 54 pence at the close of trading in London today, extending its advance this year to 43 percent. Laxey held 57.5 million shares in the London-based company, or an 11 percent stake, before the sale, according to data compiled by Bloomberg.

No one representing Laxey was immediately available to comment when Bloomberg News contacted the firm. A spokeswoman for Quintain, who didn’t want to be identified, declined to comment.

To contact the reporter on this story: Sarah Jones in London at sjones35@bloomberg.net

To contact the editor responsible for this story: Andrew Rummer at arummer@bloomberg.net

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