Downing has extending a summer sell-down of its holding in London-listed Braemar Shipping Services.
The UK investor was Braemar’s leading shareholder at the start of this financial year in March but has now sold over half of that position.
A fresh filing today showed Downing to hold just 894,455 shares in the company.
Its reduced 2.85% stake is worth around £1.5m based on the last trade of Braemar stock at 172.50 pence each today.
Braemar’s latest annual report showed Downing to be its largest stakeholder on 28 February with 2,071,237 shares giving it a 6.59% holding.
TradeWinds first reported that Downing had invested in Braemar back in September 2017 with the company’s 1,538,690 shares worth a little below £5m ($6.87m) at that time.
Shares in the shipbroker were trading down 2.54% this afternoon, with the company’s market capitalization placed at £55.64m
