Former Stobart Group chief executive Andrew Tinkler has reduced his stake in the company after being sacked over a boardroom bust up earlier this year.
Tinkler, who was fired from the board after an unsuccessful attempt to topple chairman Iain Ferguson in July, has sold part of his 7.7 per cent stake in £800m infrastructure company.
His stake in the company, which has expressed a desire to dilute Tinkler's shareholding as soon as possible, has now dropped to 6.93 per cent.
The Southend Airport owner fired its former boss in July after Ferguson as chairman with 51.2 per cent of the vote, despite Tinkler putting forward The Edinburgh Woollen Mill owner Philip Day for the role.
The pair then traded lawsuits with Tinkler, the logistics firm accusing its former boss of acting in his own self-interest to “line his own pockets”.
Stobart claimed Tinkler had breached his contract and fiduciary duty to shareholders – the case is due to be heard next month - and Tinkler claimed his dismissal was invalid.