ACTIVIST investor Lakestreet Capital Partners has doubled its stake in John Menzies.
Lakestreet, a Swiss based investment vehicle, has previously asked whether breaking up the Edinburgh company would provide better value for shareholders.
It suggested there could be a benefit in splitting the Menzies aviation and distribution businesses into separate entities.
Menzies chairman Iain Napier later used the company's annual general meeting to state the board did not believe breaking up the group was the best strategy at the moment.
Menzies shares have been changing hands for around £5 each in recent days suggesting Lakestreet will have paid more than £9m to increase its holding from three per cent to in slightly more than six per cent.
The Menzies shares were at 362.5p in the day prior to Lakestreet's initial announcement.
Lakestreet, which now holds close to 3.7 million shares in Menzies, declined to comment on increasing its stake.
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