Norwest sells bloc of Ennex shares

NORWEST Holdings has sold 16 million Ennex International shares leaving it with a holding of 5 million, writes Bill Murdoch. The 16 million shares represented a 17 per cent interest in Ennex. Norwest has not disclosed the identity of the purchasers but the shares are understood to have been sold in London. At Friday's price of 22p, the block would have been valued at around £3.5 million. The Ennex statement announcing the sale noted that Mr Michael McCarthy, chairman of Ennex, has no direct or beneficial interest in the shares. However, Norwest is understood to be controlled by his family interests. The 16 million shares were purchased two years ago from family interests of Mr Pat Hughes, then chairman of Ennex. That consideration was never disclosed but if it was in the region of the market price, then it appears that Norwest made a capital profit of around £1.75 million.