The second largest shareholder in Manchester-headquartered online travel company On the Beach Group has lowered its stake to less than 5%.
M&G plc, a global investment manager headquartered in London, had previously had a 8.45% holding in the listed company.
Now newly filed documents to the London Stock Exchange have revealed the investor has lowered its stake to 4.9%.
M&G plc had previously been the second largest shareholder in the group, behind only Mawer Investment Management.
However, it has now slipped to fourth behind BlackRock's 5.8%. and AXA Framlington Investment Managers, which owns 5.16%.
The move comes after On The Beach stopped selling all holidays for this summer over Covid-19 uncertainty.
The company has extended its off-sale period for holidays from June 30 to August 31, 2021, following the announcement earlier this week on the traffic light system for leisure travel, where most destinations have been classified as amber.
The listed business added that its board's decision is based on consumer feedback from both research and search/sales data, "showing a market wide lack of appetite for booking amber destinations, as well as the likely loss of customer goodwill for holidays that might be booked only to be cancelled or re-arranged".
On The Beach added that its position will be reviewed following the Government's update on travel and associated restrictions which is expected to be released at the end of May.
