Canadian activist investor West Face Capital on Thursday disclosed a 5 percent stake in FirstGroup plc after the British transport company’s shares fell more than 5 percent.
FirstGroup on Thursday reported a 23 percent rise in annual profit, helped by better performance from its U.S. business, but a cautious outlook and a decision not to pay a dividend sent its shares into retreat.
West Face, a Toronto-based hedge fund, has previously taken stakes in companies such as Maple Leaf Foods Inc and SNC-Lavalin Group Inc.
(Reporting by Simon Jessop and Maiya Keidan; Editing by David Goodman)
Photo courtesy of FirstGroup plc