3i Cuts Stake in Morse to Under 3%

(Reuters) – British venture capital firm 3i Group Plc (III.L) cut its stake in IT consultancy group Morse Plc (MOR.L) to less than 3 percent from about 15 percent, a regulatory filing showed.

3i Group sold about 20.2 million shares in Morse for an undisclosed sum on Feb. 13, according to the filing.

On Feb. 11, Morse said it posted lower-than-expected pretax profits in the six months to December 2008, having been hit by the credit crunch.

Morse sold its investment management consultancy business on Feb. 9 to Navigant Consulting (Europe), unit of New York-listed Navigant Consulting Inc (NCI.N), for an initial 1.3 million pounds ($1.85 million).

Morse shares were up 1.2 percent at 10 pence at 1014 GMT on the London Stock Exchange. ($1=.7025 Pound) (Reporting by Austin Lobo in Bangalore; Editing by Pratish Narayanan)