Richard Branson has cut his stake in Virgin Media by more than a third. Virgin Group, Branson's investment vehicle which licences the Virgin brand to Virgin Media, now owns 6.5 per cent of the UK cable network, The Financial Times reports. It had owned 10.5 per cent. Virgin Group transferred the shares to Credit Suisse, after …
(evil beardie icon please)
(man-getting-punched-in-face icon please)
The Alan Sugar for the younger generation?
I'm guessing Branson got just as annoyed with endless, endless reams of junk mail from Virgin Media as the rest of us do.
(Which, interestingly, when you sign up to the MPS, doesn't stop coming - but instead, stops coming addressed to you personally, and starts coming addressed to THE OCCUPIER instead.)
He borrowed $25 per share and "defaulted" on the loan and gave up the shares now worth $7, so he made a profit on the loan of $18 per share.
Tosser he may be (@Rob) but it seems no idiot he. (@Colin Barfoot)
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