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FTSE 250 movers: CVS jumps, oil stocks slip
(Sharecast News) - FTSE 250 (MCX) 23,412.10 1.06% Veterinary services provider CVS Group gained after saying it has successfully refinanced its bank debt facilities and announcing the launch of a £50m share buyback and the acquisition of a small animal practice in Australia.
The company said it has refinanced its £350m debt facilities on improved terms. This includes a term loan of £125m and a revolving credit facility of £225m, both repayable in May 2030, and the existing overdraft facility of £5m, renewable annually.
The margin payable on drawn debt has reduced by 20 basis points, CVS said. These new facilities are provided by a syndicate of eight banks, including Westpac Banking Corporation, the first Australian bank to join the group's financing syndicate. The group has an option to extend these facilities for a further year.
CVS said it has agreed to buy a further single site first opinion companion animal practice in Sydney for an initial consideration of AUD$8.2m (around £4m). It has also signed contracts for a further practice acquisition in Australia - for AUD3.2m (£1.7m) - with completion expected in the coming weeks.
Finally, CVS said that in light of the successful refinancing and consistent with its capital allocation priorities, the board has approved a share buyback programme to return up to £50m to shareholders.
Chief executive Richard Fairman said: "We are pleased to have refinanced our bank facilities through to May 2030 on improved terms. This provides additional flexibility and firepower to launch a meaningful share buyback programme, alongside disciplined capital allocation in enhancing our estate and quality of service to our customers and investing in our attractive pipeline of accretive acquisitions.
"We look forward to updating investors at the time of our full year trading update on how this approach underpins the delivery of shareholder returns."
Qinetiq was boosted by an upgrade to 'buy' from 'hold' at Peel Hunt.
Oil stocks were lower in line with a weaker oil price. Ithaca Energy and Harbour Energy both fell.
FTSE 250 - Risers
CVS Group (CVSG) 1,276.00p 6.34% Pan African Resources (PAF) 142.50p 6.11% SSP Group (SSPG) 172.60p 5.18% The Schiehallion Fund Limited NPV (MNTN) 2.14p 4.63% Johnson Service Group (JSG) 143.10p 4.08% Endeavour Mining (EDV) 4,459.00p 4.01% BlackRock World Mining Trust (BRWM) 1,004.00p 3.95% Hochschild Mining (HOC) 596.00p 3.93% Mitchells & Butlers (MAB) 239.50p 3.68% Raspberry PI Holdings (RPI) 776.50p 3.64%
FTSE 250 - Fallers
AEP Plantations (AEP) 1,736.00p -6.23% Ithaca Energy (ITH) 237.40p -2.26% C&C Group (CDI) (CCR) 105.80p -2.22% Harbour Energy (HBR) 277.40p -2.11% Kainos Group (KNOS) 859.00p -1.99% Hilton Food Group (HFG) 548.00p -1.70% Tate & Lyle (TATE) 499.60p -1.67% Cranswick (CWK) 5,450.00p -1.27% Diversified Energy Company (DI) (DEC) 1,130.00p -1.22% Spire Healthcare Group (SPI) 220.00p -1.12%
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