Blue Coast lifts stake in Everyman Media to 22.9%

20th Oct 2023 09:31

(Sharecast News) - Everyman Media said on Friday that Blue Coast Private Equity has upped its stake in the company to 22.9% from 20.2%.

Blue Coast bought 2.5m shares on Thursday at 55p each, taking its holding to just over 20.9m shares.

Michael Rosehill, a non-executive director of the company, is also a director of Blue Coast.

Russ Mould, investment director at AJ Bell, said: "Barbie and Oppenheimer helped to put a lot more bums on seats in cinemas around the world this year, yet that hasn't helped to reverse the declining share price at posh cinema operator Everyman Media.

"Keep an eye on private equity group Blue Coast as it clearly sees value in the business, having lifted its stake in Everyman to 22.9%. If the market won't accurately value shares in a company, the trend is for someone to take that business private - and the stake-building in Everyman implies it could be one of the next candidates to disappear from the stock market."

At 0935 BST, the shares were up 3.8% at 57.06p.