Sprott Inc. Shares Plunge Most Since 2008 as Volume Surges
Sprott Inc., the money-management firm founded by Eric Sprott, plunged the most in three years as trading volume jumped to the highest level since the days after the company’s initial public offering in 2008.
A total of 1.09 million shares (SII) of the Toronto-based company were traded today, including a single trade of 820,600 shares at 3:44 p.m. Toronto time. The shares fell 12 percent to C$5.35, the lowest since October 2010.
Eric Sprott, who owns a majority stake in the company, didn’t immediately return a call placed to his home in Oakville, Ontario. His assistant directed calls to Kirstin McTaggart, the company’s chief compliance officer, who didn’t immediately return phone calls.
W. Whitney George, co-chief investment officer at Royce & Associates LLC, which owned at least 11.1 million shares as of Sept. 30, declined to comment through an assistant.
Sprott Inc. shares have tumbled 34 percent this year as its flagship hedge fund was set for its biggest loss since its 2000 inception. The Sprott Hedge Fund lost 13 percent this year through November after returning 765 percent through 2010.
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