From today's Telegraph city report:
Finally, small-capper Fastjet dropped as much as 17.5pc before closing down 0.4, or 11.7pc, at 3.025p after Lonrho offloaded the remainder of its stake in the African budget airline. Some 52.4m shares were sold at 2.85p apiece, raising £1.49m.
The sale marks the end of Lonrho’s involvement with Fastjet, which was spun-out of the 104-year-old conglomerate last year.
Geoffrey White, Lonrho’s chief executive, told the Daily Telegraph that the group sold down its stake because aviation was not a core business for the company.
Lonhro, made famous by businessman Tiny Rowland, left the London market earlier this year following a £175m takeover by a group of Swiss investors. Stock market filings show it had been steadily reducing its Fastjet holding over the course of October.