Fidelity buys 8% stake in Tenon
Fidelity International, a US fund manager, has bought one million share in Tenon, the UK's largest accountancy consolidator, as the shares hit a record low.
The fund manager now holds a 7,49% stake in the top ten accountancy company, with well over a million shares purchased.
The AIM-listed group’s shares have continued to fall following a profits warning last week. Revised profits for 2001 will be between Pounds 500,000 and Pounds 1m against an expected Pounds 6m.
Tenon’s share price dropped further from 85p to 75p today.