Tory donor Falklands loss

CONSERVATIVE Party donor David Rowland has thrown in the towel in the Falkland Islands after losing a battle to take control of its key industries.

His family investment vehicle Staunton Holdings Limited has got rid of all its shares in island lynchpin Falkland Islands Holdings (FIH) after shareholders rejected a takeover.

The 71-year-old’s son, Edmund Rowland, netted £9.3m by selling 3.1m FIH shares at 300p each through Staunton on April 28. He has also stepped down as chairman of FIH. The AIM-listed company was created by Royal Charter in 1852. It owns property, shops and hotels and sells insurance in the disputed territories.

In March it became the centre of a takeover battle between Rowland and Argentinian property billionaire Eduardo Elsztain, who repeatedly expressed interest but never made a bid.

The battle triggered warnings from the local government that the company could lose its special permission to buy land without a licence if ownership changed.

But Staunton’s 300p-per-share offer for the 75pc of shares it did not already own lapsed on April 6 when it was backed by only 34.7pc of shareholders.

Yesterday the board announced that Staunton and its associated company Blackfish Capital had no interests left in the company following Rowland’s sale.

They have been replaced as the largest single shareholder by long-standing investor The Article 6 Marital Trust, which has bought 3.6m shares giving it a 28.9pc stake.

Rowland junior, 31, has stepped down from the board.