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Carillion shares up as stock overhang cleared after biggest shareholder, Kiltearn halves stake

The rise came as Scottish investment firm Kiltearn Partners, the firm’s largest shareholder was revealed to have halved its stake in the construction company
Construction
Kiltearn cut its stake in Carillion to 4.94% on December 7, down from 9.85% previously

Carillion PLC (LON:CLLN) saw its shares jump nearly 8% higher today, with the troubled contractor getting a lift as a stock overhang was cleared from the market.

The rise came as Scottish investment firm Kiltearn Partners, the firm’s largest shareholder was revealed to have halved its stake in the construction company, according to a regulatory filing on Monday.

WATCH: Carillion fighting for survival after third profit warning

Kiltearn cut its stake in Carillion to 4.94% on December 7, down from 9.85% previously, a notification of major holdings statement revealed.

Carillion disclosed on August 11 that Kiltearn had doubled its stake to 10% at the start of February when its shares were trading at around 225p each, becoming the company's biggest shareholder.

The company's shares have slumped by over 90% since it issued a profit warning and its CEO quit in July, and in lunchtime trading today, they were changing hands at 17p each, albeit up 1.25p on Friday’s close.

Carillion issued its third profit warning in five months in November and said it was heading towards a breach of debt covenants and would need fresh capital.

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