FTSE 250 movers: Abrdn's Asia Dragon in focus after approach from smaller rival
FTSE 250 (MCX) 20,387.87 1.11%
Abrdn-managed Asia Dragon Trust was in the spotlight after the much smaller Ashoka Whiteoak Emerging Markets, which launched only a year ago put forward a proposal to merge the two trusts, with the option of a cash exit of up to 50% for Asia Dragon shareholders.
Ashoka's board said it had already received support in principle from 56 per cent of Asia Dragon shareholders.
The board confirms that it has received an approach from AWEM and urges shareholders to take no action at this time in relation to the AWEM proposals," Asia Dragon said in a statement. Shares in the trust surged 7% on the news.
Ferrexpo reported a notable rise in production and sales volumes for the first quarter at its Ukraine subsidiary, Ferrexpo Poltava Mining (FPM), on Tuesday.
The FTSE 250 company said the increase made for the highest levels since Russia invaded Ukraine in February 2022, adding that production at its operations in the country continued without disruption in April.
It also updated the market on the legal matter concerning LLC PCC Kysen (Kysen), reporting that a preparatory hearing originally set for 29 April at the Commercial Court in Poltava Oblast had been rescheduled for 4 June.
Regarding a royalty-related investigation, Ferrexpo said in its 2023 full-year financial results that a notice of suspicion was issued to a senior manager of FPM, Viktor Lotous, on 31 October 2023, pertaining to the potential underpayment of iron ore royalties.
On 13 November, a court approved bail for Lotous amounting to UAH 800m (£16.25m).
An appeal led to the Kyiv Court of Appeal approving a reduced bail of UAH 650m on 29 April, without providing a rationale for the adjustment.
Ferrexpo said its board, after careful consideration of the group's financial position, opted to make a partial payment of UAH 50m towards the bail in alignment with Ukrainian law, which does not mandate payment of the full bail amount.
The company said its operations in Ukraine remained unaffected by the legal developments.
Market Movers
FTSE 250 - Risers
Asia Dragon Trust (DGN) 411.00p 7.31%
Wood Group (John) (WG.) 161.30p 6.12%
Jupiter Fund Management (JUP) 82.40p 4.70%
4Imprint Group (FOUR) 6,350.00p 4.44%
Diversified Energy Company (DEC) 1,115.00p 4.40%
RHI Magnesita N.V. (DI) (RHIM) 3,695.00p 3.94%
SDCL Energy Efficiency Income Trust (SEIT) 62.40p 3.83%
Derwent London (DLN) 2,220.00p 3.64%
Me Group International (MEGP) 161.60p 3.59%
CMC Markets (CMCX) 263.00p 3.54%
FTSE 250 - Fallers
Dr. Martens (DOCS) 76.80p -5.07%
Ferrexpo (FXPO) 49.05p -2.49%
Chemring Group (CHG) 382.00p -2.18%
TBC Bank Group (TBCG) 2,930.00p -2.17%
W.A.G Payment Solutions (WPS) 65.60p -2.09%
NextEnergy Solar Fund Limited Red (NESF) 74.20p -1.72%
Wizz Air Holdings (WIZZ) 2,206.00p -1.52%
GCP Infrastructure Investments Ltd (GCP) 74.70p -1.45%
Moonpig Group (MOON) 155.60p -1.27%
North Atlantic Smaller Companies Inv Trust (NAS) 4,000.00p -1.23%
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