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FTSE 250 movers: Ultra Electronics surges on takeover update

By Frank Prenesti

Date: Friday 24 Jun 2022

FTSE 250 movers: Ultra Electronics surges on takeover update

(Sharecast News) - The FTSE 250 was up 1.46% at 18,966.11 at 1430 BST.

Shares in British defence manufacturer Ultra Electronics surged by more than 12% on news that its £2.6bn takeover of by a US private equity firm looks set to be waved on by the UK government after the Department for Business said it was minded to accept the deal.

Cobham last year launched a takeover of Ultra Electronics, which makes systems such as sonar and radio communications used by military and civilian aircraft. Cobham itself was controversially taken over and broken up by US private equity investor Advent over 2019 and 2020.

Business Secretary Kwasi Kwarteng announced after markets closed on Thursday that he was "minded to accept undertakings offered" by a Cobham/Advent investment vehicle to address national security concerns.

Energean shares tumbled after top shareholder Growthy Holdings - which is owned by the group's chief executive Mathios Rigas - sold 5m shares.

The shares, which represent a stake of around 2.8%, were sold through an accelerated bookbuild to institutional investors at £11.06 each.

Miners Ferrexpo and Hochschild both fell on weaker metals prices.

TUI shares were down after the holiday giant announced that chief executive officer Friedrich Joussen has handed in his resignation as a member of the executive board, with effect from September 30.

FTSE 250 - Risers

Ultra Electronics Holdings (ULE) 3,450.00p 12.38%
Future (FUTR) 1,800.00p 5.39%
Urban Logistics Reit (SHED) 174.50p 5.12%
Aston Martin Lagonda Global Holdings (AML) 538.80p 5.07%
Liontrust Asset Management (LIO) 966.00p 4.55%
Darktrace (DARK) 334.80p 4.49%
Abrdn Private Equity Opportunities Trust (APEO) 449.00p 4.42%
Volution Group (FAN) 353.50p 4.28%
Bytes Technology Group (BYIT) 439.00p 4.28%
Trainline (TRN) 295.70p 3.90%

FTSE 250 - Fallers

Energean (ENOG) 1,122.00p -4.27%
Hochschild Mining (HOC) 104.80p -4.12%
TUI AG Reg Shs (DI) (TUI) 146.25p -3.66%
easyJet (EZJ) 385.30p -3.29%
Ferrexpo (FXPO) 138.60p -3.08%
Diversified Energy Company (DEC) 110.30p -2.82%
FirstGroup (FGP) 132.40p -2.14%
Wizz Air Holdings (WIZZ) 1,930.00p -2.03%
Hipgnosis Songs Fund Limited NPV (SONG) 110.00p -1.96%
Mitie Group (MTO) 57.90p -1.53%


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