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Freud builds stake in Huntsworth ahead of Engine share sale
It is an interesting coincidence that the buyer of Freud’s shares in Engine is directly connected with a non-executive director of Huntsworth – Terence Graunke.
Graunke is co-founder of LakeCapital, the private equity fund that already has a 7.6% shareholding in Huntsworth and will control Engine after the current takeover offer is concluded. Graunke will become executive chairman of the enlarged Engine group after the deal.
Freud’s stake in Huntsworth, via a nominee company Rock Nominees, crossed the 3% threshold on 30 July after the shares had sunk to one of their lowest points in the last five years.
Huntsworth had experienced a torrid few weeks after issuing a profit warning two weeks ago and revealing that its finance director and chief operating officer Sally Withey would remain on sick leave until the autumn.
Bob Willott (editor)
Page Updated Last on: Aug 06, 2014