FTSE 250 movers: Petra provides the shine; RPC melts

Petra Diamonds shone brightly on the FTSE 250 on Thursday with shares in the company up 9% as it announced a $600m notes issue and refinancing package.

The secured second lien notes will be due in and are to be issued the company's Petra Diamonds US$ Treasury subsidiary.

The proceeds will be used to refinance the company's existing $300m 8.25% senior secured second lien notes due in 2020, to repay all drawn bank facilities, and for general corporate purposes, Petra said.

Petra said the new capital structure will provide the it with additional financial flexibility as a result of an extended debt maturity profile and increased liquidity position.

Asset and corporate administration service provider Sanne continued to ride the wave after on Wednesday quintupling full year profits to £15m from £2.4 the previous year, driven by cost control and growth in revenue.

Plastic piping and ventilation systems manufacturer Polypipe Group were also in favour as the company unveiled results for the year to 31 December on Thursday, with revenue rising 23.8% to £436.9m.

The FTSE 250 company said its underlying operating profit was 28% higher year-on-year at £69.4m, as its underlying operating margin improved 50 basis points to 15.9%.

Vedanta Resources were up as the company announced it had agreed to extend the executive service agreement for chief executive Tom Albanese until the end of August, keeping him on whilst it searches for a replacement.

On the red side of the ledger plastics company RPC Group failed to impress, despite anticipating that full year revenue will be “significantly ahead” of last year, due to contributions from acquisitions and organic growth.

Adjusted operating profit for the year ended 31 March is also expected to be ahead of forecasts.

The FTSE 250 company maintained that its financial position is “robust” with good cash flow development and that with the proceeds from last month's rights issue received and following the Letica acquisition it has “significant headroom” in its debt facilities, which include a new $750m loan.

Market Movers

FTSE 100 (UKX) 7,355.47 -0.25%
FTSE 250 (MCX) 18,956.96 -0.11%
techMARK (TASX) 3,464.71 -0.22%

FTSE 250 - Risers

Petra Diamonds Ltd.(DI) (PDL) 135.00p 9.05%
Sanne Group (SNN) 684.50p 5.23%
Polypipe Group (PLP) 369.50p 4.59%
Tullow Oil (TLW) 229.50p 4.32%
Weir Group (WEIR) 1,956.00p 4.26%
Vedanta Resources (VED) 821.00p 3.92%
Nostrum Oil & Gas (NOG) 475.70p 2.99%
Allied Minds (ALM) 315.70p 2.83%
The Renewables Infrastructure Group Limited (TRIG) 106.20p 2.41%
Ferrexpo (FXPO) 170.00p 2.35%

FTSE 250 - Fallers

RPC Group (RPC) 765.00p -12.97%
Clarkson (CKN) 2,720.00p -5.39%
Phoenix Group Holdings (DI) (PHNX) 745.50p -3.87%
Kier Group (KIE) 1,367.00p -3.32%
Assura (AGR) 56.00p -2.69%
Northgate (NTG) 552.00p -2.30%
Capital & Counties Properties (CAPC) 281.90p -2.05%
GVC Holdings (GVC) 729.00p -2.02%
Fidessa Group (FDSA) 2,499.00p -2.00%
IP Group (IPO) 152.00p -2.00%