Odey Asset Management Reduces Position in LSE-listed STV Group Plc. (STVG)

Crispin Odey‘s Odey Asset Management reduced its position in STV Group Plc. (LON:STVG). According to two recent filings, the fund revealed a position of 4.26 million shares, which represent 10.91% of the voting rights of the company, down from the previous amount of  4.79 million shares. Moreover, the fund owns 2.29 million voting rights in the form of Contracts for Difference, which bid up the total voting rights share in STV Group to  16.77%.

Crispin Odey

STV Group Plc. (LON:STVG) is a Scottish television and digital media company. In 2013, the company’s revenues were up 9% to £112.10 million, with respective earnings per share of £0.34, 13% more than in the previous year, and cut down 21% of its net debt to £35.70 million. In its full year 2013 press release, the company declared expected total airtime revenues to be up 5% in the first quarter of 2014, while analysts expect revenues of £120.60 million for the full year of 2014. The company currently trades at around £3.72 on London Stock Exchange, with a P/E ratio of approximately 17, 40% higher than the estimate for the industry.

According to data from morningstar, River and Mercantile Asset Management and Miton Asset Management Limited are also among the largest shareholders of STV Group Plc. (LON:STVG), with 1.93 (4.95% of the company) and 2.00 million (5.07% of the company) shares held respectively.

Odey Asset Management Group holds a diversified equity portfolio, with the largest share of around 60% invested in Consumer Goods, Services, and Industrial Goods. The fund’s largest equity holding (7.71% of the portfolio) is represented by Delta Air Lines, Inc. (NYSE:DAL), the stake amounting to 3.09 million worth $372.81 million, followed by Signet Jewelers Ltd. (NYSE:SIG), with a stake of 4.04 million shares worth $317.82 million (6.57% of the portfolio). Recently, Crispin Odey revealed optimism concerning The Ryland Group, Inc. (NYSE:RYL), increasing the fund’s holding of the stock by some 306,600 shares to 4.73 million shares worth more than $202.00 million (10.17% of the company’s common stock). Moreover, in December, Odey Asset Management made a £13.5million bet on the decline of Manchester United PLC (NYSE:MANU)’s shares.

Disclosure: none

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