Shares in private equity firm 3i (III) fell yesterday by more than a quarter to a record low of 185p; as investors digested news of the departure of the firm’s chief executive Philip Yea and a plunge in the value of its investments over the past quarter.
The firm, whose portfolio includes lingerie brand Agent Provocateur, currently has 3.52% of its shares outstanding on loan (%SOOL), up from 2.5% on Christmas Eve but down sharply from 5% on December 22nd, as you can see from this graph. There were 6.5M shares traded as of close of business on Wednesday, compared to the three-monthly average of 3M. There were also a large amount of shares traded last week; 8M on January 20th and 21st. Utilisation is at 12.5%. 3i’s share price has fallen from 600p to 250p over the last 12 weeks.
Fortis (FORB), who we blogged on two weeks ago, is also in the EMEA Diversified Financials sector, and it currently has 2.4% of its SOOL. Utilisation is relatively high at 12%. Fortis’ share price has fallen from 30EUR to 2EUR over the last two years.
Schroders is also a member of the sector, and it has 3.51% SOOL, down from the highs of 10% last summer. Utilisation is at 32%. Schroders’ share price has fallen from 1,600p in November 2007 to around 700p now.