The stock was recently down 1.2 pence in late London trade. From Bloomberg:
Credit Suisse Group AG, the largest shareholder in EcoSecurities Group Plc, cut its stake in the emissions trading firm at the same time a former UBS AG executive is backing one of two proposed takeover bids.
Credit Suisse, the biggest bank in Switzerland by market value, owned 14.5 percent of EcoSecurities as of July 16, down from 15.4 percent before, according to Hugin newswire statements. Dublin-based EcoSecurities manages the biggest number of
emission-reduction projects overseen by the United Nations, Bloomberg data show.
Two years ago, Credit Suisse bought about 9.2 million shares of EcoSecurities at 320 pence each, “underscoring our deep commitment to this important high-growth sector,” Investment Banking Chief Paul Calello said at the time. EcoSecurities has since plunged, trading today at 87.5 pence in London. A group including Andre Esteves, former head of fixed income, currencies and commodities at Zurich-based UBS, offered 77 pence a share for EcoSecurities on July 16.
That bid is unlikely to succeed, said Agustin Hochschild, an analyst in London for Mirabaud Securities LLP. “Unless someone has to liquidate their holdings, I don’t think they should sell below three digits,” said Hochschild, who estimates the shares have a “bare, bare bones value” of 113 pence....MORE