Cross River Capital has sold a slice of its holding in product tanker owner Ardmore Shipping.
The small and mid-cap investment specialist has reported a smaller stake of 1,351,840 Ardmore shares.
At this level Cross River controls a 4.1% piece in Ardmore, down from the 5.16% interest it had when it emerged as a shareholder in the company last year.
Cross River’s Ardmore shares are worth $7.11m based on the company’s closing price on Friday.
The sale took place last week after Ardmore reported its fourth quarter results.
The shipowner's operating loss of $8.8m, or $0.26 per share, was two cents lower than consensus, and lower than the $3.8m loss for the fourth quarter of last year.
Cross River invests in companies with market capitalizations up to $1.5bn at the time of first purchase.
Ardmore had a market cap of $174.09m at the end of last week.
