Directors of Dawnay Day, the problem-hit property and financial services group, have continued to sell investments, allowing corporate raider Laxey Partners to become the biggest shareholder of one of the company's associated Aim-listed property funds.

Supernova Holdings and Staracre Limited, in which Dawnay Day owners Peter Klimt and Guy Naggar have a substantial interest, yesterday said they had disposed of stakes in Dawnay Day Sirius, the Aim-listed German property fund in which Dawnay Day owns a stake of almost 50 per cent.