September 26, 2019 / 3:37 PM / 17 days ago

Nexi shares down more than 3% after board member resigns

MILAN (Reuters) - Shares in Italian payment group Nexi (NEXII.MI) extended early losses, shedding more than 3% in afternoon trading on Thursday after the resignation of a board member representing Nexi’s top investor.

The payment group said in a statement that Robin Marshall, a top manager of private equity fund Bain Capital, had stepped down from Nexi’s board due to other professional engagements.

Marshall’s exit sparked concerns that Bain and the other two private equity funds controlling Nexi via investment vehicle Mercury UK could cut their stake in the Italian company six months after Nexi’s listing, a trader said.

Bain Capital, together with Advent International and Clessidra, owns a 60.1% stake in Nexi with a lock-up agreement on the its shares expiring in mid-October.

Shares in Nexi fell 3.3% to 9.3730 euros at 1520 GMT.

Reporting by Giancarlo Navach; editing by Francesca Landini

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