Embattled Woodford sells most of 23pc stake in Irish firm Malin
Embattled fund manager Neil Woodford has sold the bulk of his firm's stake in Irish life sciences investment firm Malin.
Shares in the Irish company - itself beset last year with concerns over its strategy and costs - soared as much as 26pc in Dublin yesterday and were still 24pc higher near the session close.
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Woodford Investment Management held a near 23pc stake in Malin prior to the share sale.
Darragh Lyons, the chief executive of Malin, has been laying the groundwork with Malin investors in recent weeks for the sale of the Woodford stake.
During the summer, Mr Woodford was trying to move out of illiquid investments after freezing redemptions from his LF Woodford Equity Income Fund in June.
Woodford Investment Management proposed earlier this year to sell its stakes in some private pharma companies to Malin in exchange for shares in the publicly listed life sciences company. That proposal was rejected, however.
The other major shareholders in Malin include the State's Ireland Strategic Investment Fund, with a near 11pc stake as of yesterday. The UK Pension Protection Fund also owns an 11pc stake.
Malin's market capitalisation yesterday was €164m.
Releasing interim results earlier this month, Malin said the aggregate fair value of its interests in its investee companies was €385m.