TalkTalk ticks higher as hedge fund ups stake

TalkTalk Telecom Group

96.90p

16:34 11/03/21

0.00%

0.00p

Shares in TalkTalk climbed on the back of takeover speculation sparked as hedge fund Toscafund Asset Management upped its stake in the telecoms group following the slide in its share price.

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Tosca, which was founded in 2000 by Martin Hughes, increased its stake to 185.45m shares or 16.2%, from 15.1%.

This comes just two days after TalkTalk founder Charles Dunstone ‎was revealed to have splashed out around £750,000 to boost his stake towards 29%‎.

He bought the shares at 105.8p on Friday after the company announced that the plug had been pulled on its previously agreed sale of its business-to-business customer base to Daisy for £180m. TalkTalk originally said the sale would simplify its business, cut costs and strengthen its balance sheet after falling revenue and rising costs resulted in losses last year.

The calling off of the Daisy deal was reported to be related to Dais‎y's need to finance a separate deal where its founder, Matt Riley, is increasing his stake.

Tosca, not entirely incidentally, was one of the backers of Daisy's £500m investor buyout to take the group private in 2014.