Miton Group plc takes 5.3% stake in SafeCharge

LeapRate has learned from regulatory filings made in the UK that London-based investment management firm Miton Group plc has taken a 5.3% stake in payments services and technologies provider SafeCharge International Group Ltd (LON:SCH).

Miton Group currently owns 8,058,577 SafeCharge shares, worth £17.7 million. Miton now becomes the second largest shareholder in SafeCharge after controlling shareholder Teddy Sagi. JP Morgan & Co taken a 7.4% stake in SafeCharge late last year, but has since sold its interest in the company.

Miton Group plc is an equity and multi-asset fund management specialist. As at June 30, 2016 Miton managed £2.54 billion of assets including eight OEICs, two unit trusts and four investment trusts under the Miton brand.

We believe that Miton has held its stake in SafeCharge for a while. The holding crossed the 5% reporting threshold recently, after SafeCharge initiated a stock buyback program in the summer when the company’s shares went on a several-month slide, thus reducing the number of outstanding shares.

SafeCharge has continued the buyback program this month. Yesterday (October 10) SafeCharge purchased for treasury 1.9 million of its own shares at a price of 215 pence per share (or total cost of £4.1 million). With fewer outstanding shares, Miton crossed the 5% reporting threshold.


SafeCharge share price chart, past 12 months. Source: CNBC.

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