The Swiss investment bank UBS AG now owns 9.37% of London letting and estate agency Foxtons, following the announcement of a transaction which took place last week.
The announcement said that the transaction was 13.3m indirect shares and right to recall lent shares equivalent to 165,835 shares, as well as equity swaps equivalent to another 12.3m shares.
UBS’s holding prior to the transaction, if any, was not disclosed being below the threshold at which it is required to be notified.
Foxtons is entirely reliant on the state of health of the London property market. As that market has become more unpredictable in recent years the company’s share price has struggled. However Foxton’s latest trading update reported that revenue was holding up well in a challenging market, and that the company was confident in its long term prospects. Little wonder, therefore, that as the share price reaches a historic low the company has attracted investor interest.
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