Ellerston sells down Tabcorp stake November 26, 2014 - 12:21PM The Packer family's investment vehicle Ellerston Capital has reduced its stake in gaming firm Tabcorp. Tabcorp says Ellerston and its associates ceased being a substantial shareholder on Tuesday, just four weeks after having increased its stake. Ellerston lifted its stake to 5.06 per cent on October 29, holding about 38.8 million Tabcorp shares. That stake was worth about $156 million. Ellerston has since disposed of about 7.73 million shares, of which about 5.1 million were sold for about $21.4 million and the rest were involved in a sophisticated transfer. It appears Ellerston made a profit on the sale. The stock closed on Tuesday at $4.17, up from $4.00 on October 29. Tabcorp's constitution and an agreement with the state of Queensland restricts any individual owning more than 10 per cent of Tabcorp. Ellerston, a specialist funds manager, was established in 2004 as a subsidiary of CPH, a holding company used by billionaire James Packer's family. CPH holds 25 per cent of Ellerston's ordinary shares and 50 per cent of casinos operator Crown Resorts, which is chaired by James Packer.