Stagecoach Group drops as founding family reduces stake, plans further cuts

YAMATO HOLDINGS

28/04/2021 09:19

(Updates)
    ** Transport co's  SGC.L  shares fall 7.7% to 92.3p
    ** Co says non-executive director Brian Souter and his
sister, Dame Ann Gloag, have sold 11.6 mln SGC shares to
institutional shareholders  urn:newsml:reuters.com:*:nGNE3669HZ
    ** Says shares disposed of represent 2.1% of co's issued
share capital, and reduces overall interest of Souter, Gloag and
the founding family from 27.1% to about 25% 
    ** The family shareholders also have a 10-year plan to
reduce their holding from about 27% to 5% - SGC
    ** Reducing families' shareholdings as part of a 10-year
plan to rebalance families' investment portfolios - Souter  
    ** HSBC downgrades SGC to "reduce" from "hold", says
concerned that bus and rail sector could emerge from
coronavirus-led lockdowns worse, as bus journeys are likely to
be impacted by more work from home and less high street shopping
    ** HSBC also downgrades transport co Go-Ahead  GOG.L  to
"hold" from "buy over similar concerns; GOG shares down 5.17% at
1,286p

 (Reporting by Vishwadha Chander in Bengaluru)
 ((Vishwadha.Chander@thomsonreuters.com;))