Victoria Plc - comment

The share register in Victoria Plc continues to evolve as The Spruce House Partnership exits its position.  From holding 20.7% at year-end, they have reduced to 16.8%.  Morgan Stanley Investment Management has acquired some of the stock, increasing their stake to 11%.  But all of this is just noise.  The market cap of Victoria is less than £50m, and with the possibility of heavy dilution from the preference shares, little can be gleaned from these share sales.