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FTSE 250 movers: Hipgnosis sinks on dividend cut, Energean stages rebound
(Sharecast News) - Hipgnosis tumbled on Monday after saying it will no longer pay an interim dividend in order to make sure it complies with its debt covenants, as it now expects lower payments from its US catalogue.
The music rights owner said that its independent portfolio valued has "materially reduced" its expectations of industry-wide retroactive payments in relation to the US Copyright Royalty Board's decision regarding royalties payable to songwriters for the period from 2018-2022 (CRB III). As a result, paying a dividend could threaten the group's compliance with debt covenants.
In a separate statement, Hipgnosis shareholder Asset Value Investors told shareholders that they should vote against the company's planned $465m sale of some of its catalogues to a partnership between its investment adviser and funds advised by Blackstone.
Also higher was asset management firm Abrdn, after announcing that it has agreed to sell its European-headquartered private equity business to Nasdaq-listed Patria Investments for up to £100m. "We are continuing to reduce complexity and are focusing on areas where we are confident we can drive growth in the future," said chief executive Stephen Bird.
Topping the risers list was oil and gas group Energean as shares attempted a rebound after taking a battering over recent days. The stock fell 18% last week on concerns about the impact on the business from the ongoing conflict in Gaza, as it operates a gas field offshore Israel.
The shares were up nearly 7% on Monday, continuing to recovery after hitting their lowest since late 2021 on Wednesday.
FTSE 250 - Risers
Energean (ENOG) 906.50p 6.65% Virgin Money UK (VMUK) 159.65p 3.97% Abrdn (ABDN) 163.50p 3.71% TP Icap Group (TCAP) 166.60p 2.78% TUI AG Reg Shs (DI) (TUI) 425.80p 2.60% Empiric Student Property (ESP) 88.20p 2.56% Ninety One (N91) 168.60p 2.55% VinaCapital Vietnam Opportunity Fund Ltd. (VOF) 450.00p 2.51% SSP Group (SSPG) 194.70p 2.42% Bytes Technology Group (BYIT) 494.40p 2.36%
FTSE 250 - Fallers
Hipgnosis Songs Fund Limited NPV (SONG) 66.60p -9.88% Digital 9 Infrastructure NPV (DGI9) 33.95p -6.34% Foresight Solar Fund Limited (FSFL) 82.50p -4.84% 4Imprint Group (FOUR) 4,680.00p -3.51% Centamin (DI) (CEY) 85.00p -3.46% Currys (CURY) 45.74p -3.30% Marshalls (MSLH) 205.00p -2.75% PZ Cussons (PZC) 137.60p -2.69% Darktrace (DARK) 356.20p -2.49% Ceres Power Holdings (CWR) 246.20p -2.22%
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