London’s FTSE 250 was up 1.6% at 18,783.55 in afternoon trade on Friday.
Aston Martin was the standout gainer as the luxury car maker reaffirmed its outlook and announced a £653m equity capital raise to “meaningfully” de-leverage the balance sheet, in a move that will result in Saudi Arabia’s sovereign wealth fund becoming its second-biggest shareholder.
The company will place 23.3m shares at 33p each with Saudi Public Investment Fund (PIF) to raise £78m in exchange for a 16.7% stake. This will make PIF the car maker’s second-largest shareholder after chairman Lawrence Stroll. There will also be a rights issue to raise £575m.
Aston Martin said it will use up to half the proceeds to repay existing debt, strengthen financial resilience and improve cash flow generation by reducing its interest costs.
On the downside, drinks maker Britivic fizzed lower after AIM-listed tonic maker Fever-Tree downgraded its full-year profit guidance amid higher costs and highlighted an “exceptionally challenging” environment.
FTSE 250 – Risers
Aston Martin Lagonda Global Holdings (AML) 452.40p 21.84%
Ferrexpo (FXPO) 116.40p 8.79%
Darktrace (DARK) 339.00p 4.82%
Molten Ventures (GROW) 411.00p 4.47%
Wood Group (John) (WG.) 143.85p 4.20%
NCC Group (NCC) 190.60p 4.15%
Provident Financial (PFG) 195.00p 4.06%
Grafton Group Ut (CDI) (GFTU) 774.10p 4.02%
ASOS (ASC) 964.50p 3.99%
TUI AG Reg Shs (DI) (TUI) 128.25p 3.97%
FTSE 250 – Fallers
Polymetal International (POLY) 168.00p -5.75%
Britvic (BVIC) 803.50p -5.41%
4Imprint Group (FOUR) 2,295.00p -1.50%
Lancashire Holdings Limited (LRE) 394.80p -1.25%
Pennon Group (PNN) 982.50p -1.21%
Fidelity China Special Situations (FCSS) 254.50p -1.17%
Hochschild Mining (HOC) 75.20p -0.79%
Edinburgh Worldwide Inv Trust (EWI) 179.80p -0.77%
Finsbury Growth & Income Trust (FGT) 784.00p -0.76%
Victrex plc (VCT) 1,801.00p -0.50%
