FTSE 250 movers: Herald surges on plan to offer Saba exit; Clarkson sails on

(Sharecast News) - FTSE 250 (MCX) 22,998.02 0.46%

Herald Investment Trust surged by more than 7.5% after it unveiled a two-stage plan to enable New York activist hedge fund Saba to make a cash exit from the £1.2bn fund while also making sure other shareholders do not find themselves stuck in the trust if Saba eventually takes control.

Herald announced a tender offer for all shareholders, allowing them to cash out all their shares at close to net asset value.

The offer is conditional on Saba, which owns 30.7% of Herald, tendering all or substantially all its shares. It if does not do so, Herald will proceed with a "backstop tender offer" that only requires a simple majority to pass, ensuring shareholders still have the opportunity to exit before any possible change of control.

Chairman Andrew Joy said: "It is not sustainable to do nothing given the risk that Saba, through attrition, may eventually win a simple majority. This proposal offers a full and fair choice: to stay with Herald's proven investment approach or exit at close to NAV."

Saba has twice tried and failed to replace Herald's board and alter the company's strategy.

"The (Herald) board wishes to serve the interests of all shareholders, while recognising that differing groups of shareholders have very different objectives for their investments," Herald said in a statement.

"This disparity, and apparent lack of alignment in shareholders' investment horizons, has proven disruptive for the company's manager, which feels inhibited in committing to new long-term investments with promising technology and communications companies, particularly given the relative illiquidity of smaller quoted companies' shares. These challenges within the company's shareholder base are also an obstacle to attracting new shareholders."

Shipping services provider Clarksons shot higher on the back of an improved outlook for 2025 profit.

In a very brief trading update, the company said it now expects underlying pre-tax profit for the year ended 31 December 2025 to be "not less than £90m, reflecting stronger results in the second half of the year".

This is down from £115.3m the previous year but better than the guidance it gave in May 2025 for underlying pre-tax profit of £85m to £95m. At the time, it cited the impact of US tariffs and a weaker US dollar.

FTSE 250 - Risers

Herald Investment Trust (HRI) 2,635.00p 7.11% Clarkson (CKN) 4,195.00p 5.27% 4Imprint Group (FOUR) 4,125.00p 3.77% Chemring Group (CHG) 528.00p 3.53% Baltic Classifieds Group (BCG) 199.60p 2.89% Man Group (EMG) 254.20p 2.83% B&M European Value Retail S.A. (DI) (BME) 175.30p 2.82% Harbour Energy (HBR) 191.00p 2.69% QinetiQ Group (QQ.) 497.80p 2.64% Ocado Group (OCDO) 274.00p 2.62%

FTSE 250 - Fallers

Senior (SNR) 212.50p -4.06% Endeavour Mining (EDV) 3,996.00p -2.49% Bellway (BWY) 2,756.00p -1.92% Shaftesbury Capital (SHC) 144.30p -1.84% Shawbrook Group (SHAW) 476.75p -1.70% Spire Healthcare Group (SPI) 170.60p -1.61% OSB Group (OSB) 625.50p -1.57% W.A.G Payment Solutions (EWG) 127.50p -1.54% Derwent London (DLN) 1,860.00p -1.38% Aston Martin Lagonda Global Holdings (AML) 63.95p -1.31%