Investment management firm Beach Point Capital Management has taken its shareholding in Watchstone Group to more than 12% after buying 35,000 shares in the insurance technology firm. Watchstone was known as Quindell before its rebrand a year ago. Beach Point, Watchstone’s biggest shareholder, now owns 12.04% of the company, up from 11.96% before the transaction on 28 October. Watchstone’s share price was 185.50p on 28 October, suggesting Beach Point has invested a further £64,925 in the insurance outsourcer.
Beach Point Capital Management has increased its stake in Watchstone Group from 11.96% to 12.04% via its recent purchase of 35,000 shares in the insurance technology firm. As Watchstone’s share price was 185.50p on 28 October, the Insurance Times has estimated the transaction to have cost £64,925. Please can you check the numbers - seems like a very small investment (£64k?) is it worth reporting?