AA - Changes to the shareholder register

All,

Over the last couple of weeks there has been significant movement in the shareholder register of AA Plc.

Parvus Capital have reduced their stake steadily from c.25% at the beginning of April to 7.4% as at last filing for 21st May.  

Previously,  Liontrust (UK based) fell from 5.97% to 3.69% on 25th March & The Capital Group Companies (LA based) fell from 9.96% to 4.6% on 31st March.  (Note once below 5% no need to notify the market). 

Increasing their stakes are Albert Bridge Capital - who went from 5.1% to above 10% on 2nd December 2019, and subsequently over several transactions in April got to 15.233% on the 6th April.  They have since increased their stake to 16.3%.  And a new name on the register today is Davidson Kempner, who appeared with 8.86% of the share capital, as of 21st May.  They have the majority of their position via equity swap behind JPMorgan.  

We are going to spend some time over the next couple of days re-examing our model on the name.

Tomas