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Shrewdies net millions from Hamworthy bid approach

Shrewdies net millions from Hamworthy bid approach

A host of top fund managers are sitting on a tidy gain today after Hamworthy received a takeover approach.

Shares in the marine, oil and gas services firm soared after it received at takeover approach from Finnish ship and power plant engine maker Wartsila, valuing the firm at 825p per share, or £370 million. At 11.40am the stock's valued had increased by 132.5p, or 19.6%, to stand at 807.5p.

Citywire A-rated Stephen Bailey (pictured) and Jan Luthman of Walker Crips are among those to benefit from the spike.

The duo's £170 million Citywire Selection UK Growth fund has 1% of its assets allocated to Hamworthy, while their £3.5 million UK Analyst fund has a 5.7% stake.

Bailey and Luthman will be particularly satisfied having first bought into the firm around four years ago when shares were trading below the 200p level. 

Bailey said: 'We're not surprised it [Hamworthy] received a bid as it is a world leader and we would not be surprised if this bid is contested by a rival one. The liquefied natural gas sector is an important one for us and we are expecting more M&A activity next year.'

Artemis' Mark Niznik will also be feeling pretty pleased with life. His £301 million UK Smaller Companies fund invested 1.76% of its assets in the company.

While M&A activity is not a theme running through Niznik's fund, if the Hamworthy deal goes through it would mark the ninth time this a year one of his holdings has been bought out. It would follow deals for Axis-Shields, Group NBT, Chaucer, Chloride, SSL International, Scott Wilson and BSS.

Other fund managers set for a Hamworthy boost include Old Mutual Asset Managers' Dan Nickols and Schroders' Andrew Brough. As at 21 October the former held 1.9% of the firm through his Citywire Selection UK Select Smaller Companies fund and the latter 2.2% via his UK Smaller Companies fund.

Other managers with a stake in the firm at the end of October included Jupiter's Charlie Thomas who owned 1.95% through his Citywire Selection Jupiter Ecology fund. His colleague Richard Curling owned 0,29% through his UK Smaller Companies fund.

Octopus also has a large stake, owning 1.62 million shares, or 3.6%, of the firm through Richard Power's CF Octopus UK Micro Cap Growth and its Octopus AIM VCT and VCT 2, along with exposure through its Inheritance Tax Service.  

Meanwhile Louise Nash, manager of the M&G Smaller Companies fund, owned 0.97% of Hamworthy, while Robin West and Toby Belsom, held a 0.37% through their Aviva Investors UK Smaller Companies fund.

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