FTSE 250 movers: Petropavlovsk powers higher; Hastings takes a hit
London’s FTSE 250 was up 1.2% at 17,186.21 in afternoon trade on Friday.
Petropavlovsk was the standout gainer after one of its investors called a shareholder meeting to remove Peter Hambro and four other directors after a judge failed to rule that most of the appointments were invalid.
The Russian gold miner said it would hold a general meeting at the request of Everest Alliance, which holds about 7.5% of the company's shares.
Everest wants Hambro, Alya Samokhvalova, Johnny Martin Smith, Martin Smith and Angelica Phillips to leave the board. On Thursday Mr Justice Mann found that Everest's complaints about four of the directors' appointments were arguable but said the matter should go to a full hearing. Martin Smith was not included in the court hearing.
Hastings shares were under pressure after Goldman Sachs placed 22 million shares in the insurer.
Bloomberg reported that the shares were placed at 177p each, which represents a 6.4% discount to the closing price on Thursday.
According to terms seen by Bloomberg, Hastings holder Goldman Sachs Merchant Banking Division offered the shares via Goldman Sachs.
FTSE 250 - Risers
Petropavlovsk (POG) 28.20p 8.25%
Mitchells & Butlers (MAB) 162.40p 7.84%
CLS Holdings (CLI) 200.00p 7.53%
Network International Holdings (NETW) 456.60p 7.18%
Apax Global Alpha Limited (APAX) 149.80p 6.70%
PPHE Hotel Group Ltd (PPH) 1,135.00p 6.57%
TI Fluid Systems (TIFS) 183.40p 5.52%
Pantheon International (PIN) 2,210.00p 5.24%
Contour Global (GLO) 202.00p 5.21%
IntegraFin Holding (IHP) 498.00p 4.84%
FTSE 250 - Fallers
Hastings Group Holdings (HSTG) 177.00p -6.40%
Hammerson (HMSO) 73.68p -5.30%
Energean (ENOG) 473.00p -5.02%
Micro Focus International (MCRO) 325.70p -2.78%
TBC Bank Group (TBCG) 878.00p -2.01%
Petrofac Ltd. (PFC) 164.50p -2.00%
Babcock International Group (BAB) 281.90p -1.88%
Go-Ahead Group (GOG) 718.00p -1.78%
John Laing Group (JLG) 282.20p -1.74%
Aston Martin Lagonda Global Holdings (AML) 45.38p -1.35%