The US-based activist investor which has been pressing for the break-up of Aberdeen-based transport group FirstGroup has further increased its stake in the company.
New York-based Coast Capital has bought around 14 million shares to up its holding in the group to just under 8.8%, worth £120 million.
It is the third time in a month the US has increased its holding, suggesting it could be preparing to renew pressure on the FirstGroup board.
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Late last year Coast Capital wrote to the company, which operates bus and rail services across the UK and the Greyhound bus operation in the US, urging it to implement measures to improve its performance, including splitting up its UK and North American assets.
It also criticised the company's rejection of a takeover approach from American buyout firm Apollo and urged the company to reinstate its dividend. At the time the company rejected the criticisms.
In a winter trading update in February, FirstGroup said a “subdued” Christmas on the high street had hit passenger numbers on its UK buses.
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The group said like-for-like passenger volumes had fallen by 1.9% since September, which it also blamed on network restructuring. However, the group said the fall in passenger numbers was offset by growth in revenues from passengers of 1.3%.
Yesterday, FirstGroup named Ryan Mangold, former group finance director of homebuilder Taylor Wimpey, as its new £450,000-a-year finance boss as part of a raft of boardroom changes. Former General Motors vice president Julia Steyn was also appointed as a non-executive director.
