FTSE 250 movers: Energean rallies again; Petropavlovsk slides
By Michele Maatouk
Date: Tuesday 30 Jun 2020
(Sharecast News) - London's FTSE 250 was down 0.8% at 17,068.49 in afternoon trade on Tuesday.
Petropavlovsk was in the red as accused its biggest shareholder of seizing control of the Russian gold miner without paying a takeover premium after the company's board was voted out at its annual general meeting.
The company's board has alleged UGC acted as a concert party with other investors to take effective control of the company against the wishes and interests of the majority of shareholders.
Pavel Maslovskiy, chief executive, Danila Kotlyarov, chief financial officer, and Fiona Paulus, chair-designate, were voted out along with four non-executive directors at the AGM.
Maslovskiy will stay with the company as chief operating officer but will be replaced as CEO by Alya Samokhvalova. Peter Hambro, who was ousted from the board in 2017 but returned to the company in 2018, will be interim chairman with three temporary non-executives, UGC's representative and two other non-executives.
Housebuilder Redrow slid as it said annual profits would be "substantially" lower after scaling back its London operations and factoring in the impact of Covid-19.
On the upside, Energean racked up strong gains for the second day in a row, having said on Monday that it had agreed to exclude Edison E&P's Norwegian subsidiary from its takeover deal, and cut capital expenditure guidance as oil companies wrestle with a slump in prices amid the coronavirus crisis.
Cineworld advanced even as it announced that the reopening of its UK and US cinemas will be delayed from 10 to 31 July "in line with recent adjustments to the schedule of upcoming movie releases".
FTSE 250 - Risers
Energean (ENOG) 611.00p 12.73%
Royal Mail (RMG) 183.85p 6.77%
Carnival (CCL) 965.80p 5.09%
888 Holdings (888) 175.00p 4.79%
Spirent Communications (SPT) 240.00p 4.12%
Cineworld Group (CINE) 59.60p 3.98%
PPHE Hotel Group Ltd (PPH) 1,090.00p 3.81%
Future (FUTR) 1,274.00p 3.58%
Syncona Limited NPV (SYNC) 247.50p 3.34%
Kaz Minerals (KAZ) 494.40p 2.57%
FTSE 250 - Fallers
Petropavlovsk (POG) 26.45p -14.68%
Go-Ahead Group (GOG) 808.50p -7.12%
Aston Martin Lagonda Global Holdings (AML) 49.30p -6.98%
AO World (AO.) 136.00p -6.98%
Redrow (RDW) 430.40p -6.92%
Hammerson (HMSO) 80.54p -6.50%
Crest Nicholson Holdings (CRST) 196.60p -5.30%
TUI AG Reg Shs (DI) (TUI) 368.90p -5.22%
Ibstock (IBST) 177.60p -5.03%
Wood Group (John) (WG.) 190.25p -4.97%
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