Related Companies

• Sainsbury (J)
• Mitchells & Butlers
• SCI Entertainment

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• FTSE All-Share
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• FTSE 350
• FTSE 100
• FTSE 250
• FTSE Small Cap

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• Travel & Leisure
• Software & Computer Services

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By John Harrington

Date: Wednesday 08 Oct 2008

LONDON (ShareCast) - Maverick investor Robert Tchenguiz has put his 10% stake in Sainsbury up for sale at a discount price.

Tchenguiz, who reportedly paid 450p a share for his stake in Sainsbury at a time when he was seeking to persuade the supermarket chain to release equity from its stores through sale and leaseback deals, is said to be placing the shares at 250p each through Kaupthing, the Icelandic bank.

The move follows Tchenguiz’s sale of a 25% stake in Mitchells & Butlers (M&B) on Tuesday morning for £137m, with billionaire investor Joe Lewis said to be the buyer of the shares.

According to reports in The Times newspapers, the abrupt sale of both stakes has been occasioned by the implosion of Kaupthing; the Icelandic bank lent Tchenguiz money to enable him to convert his shareholdings in the companies from “virtual holdings”, held through certificates of deposits, into holdings backed by physical ownership of the shares.

Kaupthing held the M&B and Sainsbury shares as collateral for its loans to Tchenguiz. Since running into liquidity problems the Icelandic bank has been anxious to raise cash through asset sales.

Tchenguiz also owns a sizeable stake in computer games firm SCi Entertainment. SCi’s shares have lost almost a fifth of their value today as market makers mark down the shares in anticipation of Tchenguiz’s stake coming on the market.

Both Mitchells & Butlers and Sainsbury featured among the major fallers on Wednesday.

• News Channel