US investment fund becomes largest WHSmith shareholder
A US-based investment fund has become the largest shareholder of WHSmith after it upped its stake in the company to around 9%, reports the Times.
‘We are firm believers in the strategy and management team of WHSmith, which is why we first invested last March and why we have continued to add to our shareholding,’ the investor said. ‘We have confidence in the long-term growth potential of the business and are happy to be the company’s largest shareholder.’
Causeway Capital also owns about 9% of manufacturer Rolls Royce, and is currently pushing for a shake-up of the board, reports the Financial Times.
Earlier this month, WHSmith warned its profits in 2022 would be at the lower end of market expectations. In August last year, it announced plans for a restructure that lead to about 1500 roles made redundant across the business. WHSmith operates more than 50 stores in Australia.
Category: International news