Odey Asset Management Sells Stake in Pendragon as Company Prepares to Break Up

Odey Asset Management, an ailing fund manager, has sold a large portion of its stake in Pendragon, a London-listed car dealer.

The sale was to a combination of new and existing shareholders in the car dealer.

The sell-off came on the same day that Odey announced it would break itself up in the wake of sexual assault allegations against its founder, Crispin Odey.

Odey has been liquidating several of its positions in public companies, including AO and Plus500.

Mike Ashley's Frasers Group acquired Odey's near-20% stake in AO.

Odey, Pendragon, and Peel Hunt have all declined to comment.