Rumours that fund manager Neil Woodford last night looked to be bailing out of Purplebricks have turned out to be without substance.
It could have raised serious question marks over investment into online agents generally and into Purplebricks in particular.
Yesterday evening, after markets closed, Purplebricks issued a statement to the stock market detailing a small reduction in Woodford’s holding.
But a news agency ran a story shortly afterwards saying that Woodford Investment Management had sold 65.3m shares in Purplebricks, allegedly bringing its stake down from 27.06% to just 2.99%.
The story claimed that Woodford, who had previously owned 73.4m shares, now owned just 8.1m shares.
In fact, Woodford has simply tweaked his holding from 27% to 26.9%.
Purplebricks said it was seeking retraction of a story that could have impacted the market at its 8am opening.
Purplebricks this morning issued a second statement correcting a figure given in yesterday’s announcement of 2.99%, and amending it to 26.99%.
The link shows the erroneous news report.