Biotech pioneer suffers worst-ever share slump
Venture capital firm Allied
Minds suffered its biggest oneday fall after it cut funding for seven of its subsidiaries.
the business, which owns companies including Hawkeye (which tracks illegal shipping activities) and cyber security firm Percipient networks, said that it wanted to free cash.
Allied, whose largest shareholder is star fund manager neil Woodford, funds and builds firms out of ideas formed in university labs.
Its interim chief executive Jill Smith said that the subsidiaries were unlikely to generate returns for Allied.
It will instead funnel the £11m of funding to more profitable ventures that it runs.
It’s the latest in a series of blows for the business, which was hit by a double-downgrade from stock broker Jefferies last month. Shares plummeted 29.1pc, or 76p, to 185p.
the FTSE 100 closed up by 0.13pc, or 9.86p, to 7331.68. Oil and
gas companies continued to bounce as the price of the black stuff jumped for the sixth time in seven sessions. BHP Billiton rose by 1.8pc, or 22p, to 1277.5p, while DCC enjoyed a rise of 1.8pc, or 125p, to 7145p, boosted by its acquisition of Shell’s gas business in Hong Kong for £120m.
Hollywood Bowl rolled up after reiterating plans to build two new bowling alleys a year until 2020.
the company, which floated on the stock exchange in September, will open alleys in six locations including Watford and Southampton. the company’s rebrand will also continue, with its seven remaining Bowlplex alleys set to carry the ‘Hollywood Bowl’ name before the end of next year.
revenues rose 7.8pc over the six months to March 31. Shares leapt 1.2pc, or 2p, to 168p.
Dart Group was on its uppers as it hiked profit expectations for the year to March 31 after an unexpectedly strong winter.
the leisure and travel company said that its summer bookings this year have been bolstered by new offices in Stansted and Birmingham airport.
the company, which owns budget airline and package holiday company Jet2, said it will employ more than 250 people at the new sites.
Shares advanced 7.8pc, or 41p, to 565.5p. Six senior staff at Moneysuper
market.com pocketed more than £2.4m after selling shares to cover tax liabilities.
the shares, sold at 331p each, were awarded three years ago as part of an incentive programme.
Moneysupermarket.com shares go ex- dividend today. existing investors will receive a dividend of 7p a share on May 12.
Shares edged up 0.2pc, or 0.5p, at 332p.
the chairman of AO World took advantage yesterday of a recent dip in the firm’s shares to up his stake in the company.
Geoff Cooper bought more than 28,500 in the online electrical retailer at 140p each, increasing his total stake to 0.03pc, with more than 128,000 shares.
But shares in the business continued to fall after JP Morgan last week cut its target price for the stock to 140p from 200p. Shares slid 1.5pc, or 2p, to 135p.
Firestone Diamonds sparkled after recovering a 110-carat yellow diamond – its largest to date.
It unearthed the gem- quality stone at its flagship African mine in Lesotho.
It said the discovery confirms the potential for larger diamonds to be found in the area.
Shares gained 11.7pc, or 5.25p, at 50p.