FTSE 250 movers: IP Group, Games Workshop in favour
By Frank Prenesti
Date: Monday 18 Dec 2023
(Sharecast News) - FTSE 250 (MCX) 19,221.58 0.07%
IP Group surged on Monday as it announced the launch of a share buyback of up to £20m.
The company said that "in light of the prevailing discount" between its share price and its net asset value per share, the board has determined that now is an appropriate time to initiate the buyback.
"The directors believe the current share price discount to NAV significantly undervalues IP Group's portfolio," it said. "They have therefore determined to allocate a proportion of cash realisations to shareholder returns through the buyback programme."
As at 30 November, IP Group - which invests in breakthrough science and innovation companies - had achieved cash realisations of £38m and had gross cash of £235m.
"The board remains committed to making regular cash returns to shareholders from realisations," it said.
In future, these regular cash returns will normally be made in the form of share buybacks when the share price discount to NAV exceeds 20%, it said. Regular dividend payments will be suspended under such conditions, including consideration of any final dividend for 2023.
Games Workshop has struck an exclusive rights deal with Amazon to develop its Warhammer 40,000 game into films and television series, together with associated merchandising rights.
Under the terms of the agreement, Games Workshop Amazon can also license equivalent rights in the Warhammer Fantasy universe following the release of the initial Warhammer 40,000 production.
The two companies will work together for 12 months to agree creative guidelines for the films and television series to be developed by Amazon, with the agreement will only proceeding once creative guidelines are mutually agreed.
FTSE 250 - Risers
IP Group (IPO) 55.30p 5.74%
Harbour Energy (HBR) 235.30p 4.72%
Energean (ENOG) 983.00p 4.08%
OSB Group (OSB) 439.80p 3.58%
Tyman (TYMN) 301.50p 2.90%
Baltic Classifieds Group (BCG) 229.50p 2.46%
ICG Enterprise Trust (ICGT) 1,228.00p 2.33%
Future (FUTR) 687.50p 2.31%
SDCL Energy Efficiency Income Trust (SEIT) 64.00p 2.24%
Ithaca Energy (ITH) 146.60p 2.09%
FTSE 250 - Fallers
Quilter (QLT) 100.30p -3.00%
PPHE Hotel Group Ltd (PPH) 1,170.00p -2.90%
Moonpig Group (MOON) 165.30p -2.82%
Dr. Martens (DOCS) 88.95p -2.79%
Aston Martin Lagonda Global Holdings (AML) 199.80p -2.54%
RHI Magnesita N.V. (DI) (RHIM) 3,330.00p -2.46%
Watches of Switzerland Group (WOSG) 681.00p -2.08%
SSP Group (SSPG) 227.60p -2.07%
Bellevue Healthcare Trust (Red) (BBH) 145.00p -2.03%
PZ Cussons (PZC) 153.40p -1.92%
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