Activist investor Palliser builds near 5% stake in UK's WH Smith, source says
June 12 (Reuters) - Activist investor Palliser Capital has built a nearly 5% stake in WH Smith (SMWH.L), opens new tab, a source familiar with the matter told Reuters on Thursday, sending shares of the British travel retailer up over 5%.
Palliser intends to review WH Smith's leverage targets and capital allocation policy to bolster shareholders' return, a Sky News report from earlier on Thursday said, citing a source.
The London-based investment firm recently led an unsuccessful proposal to force mining giant Rio Tinto (RIO.L), opens new tab, (RIO.AX), opens new tab to abandon its dual-listed structure in favour of a primary listing in Australia.
Palliser's stake in WH Smith could be worth about 65 million pounds ($88.27 million), according to the Sky News report.
WH Smith declined to comment.
The company - a more than 230-year-old brand - operates about 1,200 stores in airports and train stations across 32 countries. It sold its iconic UK high-street business to Hobbycraft-owner Modella Capital in March to focus on global travel retail.
Los-Angeles based Causeway Capital Management LLC is the largest shareholder of WH Smith, with a 12.2% stake, according to LSEG.
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