Walker Crips sold its entire holding of 1,851,719, received as part of the deal made when Liontrust acquired Walker Crips Aset Management, at a price of 89.7p per share, netting approximately £1.66m in the process.
The move came just days after Liontrust issued its full year results, in which the firm reported a 54% increase in revenue year-on-year to 31 March, but still posted a loss of £200,000 after tax.
Meanwhile, Jonathan Hughes-Morgan, executive director at Liontrust purchased a further 250,000 share in the company for 90p per share, taking his total holding in the firm to one million shares, or 2.56%.
Hughes-Morgan is also connected to Occam Asset Management (as its founder), which holds a further 4.62% interest in Liontrust following a takeover of the former by the latter in October last year.
Walker Crips has announced the net proceeds of its sale will be redistributed to shareholders in a special dividend pro rata to their holdings.
The special dividend will equate to 4.5p per ordinary share and will be paid on 3 August 2012 as an additional interim dividend.
David Gelber, chairman of Walker Crips Group, said: "The Board is very pleased to announce the Special Dividend and to allow WCW shareholders to participate directly in the value received by WCW from the disposal of WCAM.
"WCW retains the potential to participate in Liontrust’s future performance via the loan notes, also received in part satisfaction of the consideration for WCAM, which are convertible into Liontrust shares," he concluded.
