Eighth Wonder sells down, British investor buys 10% of Ascot Holdings

British investor Piers Morgan has acquired 10% stake in Ascot Holdings Plc for Rs. 53.8 million.

The stake amounting to 1.265 million shares was done at Rs. 42.50 each. Morgan is a British-based manufacturer cum investor. 

The seller was major shareholder Eighth Wonder, owned by British based Terry Smith. As at 31 March 2018, Eighth Wonder had 41.03% stake.

Book value of Ascot is Rs. 87.16 per share. It closed Friday at Rs. 32.20.

A spokesman for Ascot said the new investment by UK entrepreneur was part of the Company’s strategy of broad basing ownership among long term investors. The Company has 2,829 shareholders with a public float of 22.35%.

The ownership control changed hands last year with a consortium involving Eighth Wonder and Ian Joseph McVeigh (17%) who acquired 67.18% stake at Rs. 42.50 per share. The duo are investors of Steradian Capital of Hardy Jamaldeen and Archie Warman.

Previously it was controlled by Axis Investments Ltd., of Rohan Iriyagolle and St. Louis Capital Ltd. of Pasan Madanayake.