Home Money MARKET REPORT: International Workplace Group plummets as founder dumps £70m worth of shares

MARKET REPORT: International Workplace Group plummets as founder dumps £70m worth of shares

0 comment
Sell-off: International Workplace Group said chief executive Mark Dixon (pictured) offloaded 35 million shares for around 196 pence each through his Estorn Limited investment vehicle.

Office space provider International Workplace Group has plunged into the red after its founder sold shares worth almost £70m.

Chief executive Mark Dixon offloaded 35 million shares for around 196 pence each through his Estorn Limited investment vehicle.

The proceeds raised will be used to repay a loan from Deutsche Bank. The shares fell 11.1 per cent, or 23p, to 184p.

Dixon will remain the largest shareholder, with a 25.2 per cent stake worth almost £500m.

The FTSE 100 fell 0.9 per cent, or 71.11 points, to 8,183.07 and the FTSE 250 fell 1.3 per cent, or 268.93 points, to 20,436.34.

Sell-off: International Workplace Group said chief executive Mark Dixon (pictured) offloaded 35 million shares for around 196 pence each through his Estorn Limited investment vehicle.

Harry Potter publisher Bloomsbury has bought US academic publisher Rowman & Littlefield in a deal worth £65m, to accelerate its overseas expansion.

The combined business will publish nearly 100,000 titles between them. Bloomsbury, which also publishes cookbooks by chefs such as Tom Kerridge and Gino D’Acampo, rose 7.2 per cent, or 40p, to 598p.

North Sea producer Longboat Energy lost more than half its value after warning it could be forced to sell its 50 percent stake in its Japanese joint venture amid difficulties raising funds.

The shares fell 59.4 per cent, or 10.7p, to 7.3p.

Pets at Home insisted its vet growth strategy is “not threatened” after the Competition and Markets Authority last week launched a formal investigation into the industry amid concerns over rising bills.

Full-year results showed sales rose 5.2 per cent to £1.5bn in the year to March 28, while profits fell 3.2 per cent to £132m. It fell 1.6 per cent, or 4.4p, to 279p.

money" data-version="2" id="mol-1e861870-cf19-11ed-afe0-e1c8635f86cb" data-permabox-url="https://www.thisismoney.co.uk/money/markets/article-13472901/MARKET-REPORT-International-Workplace-Group-plunges-founder-ditches-70m-shares.html" wp_automatic_readability="13">

Stock Watch – Kromek

1717095192 793 MARKET REPORT International Workplace Group plummets as founder dumps 70m

Durham technology group Kromek rose 7.4 per cent, or 0.5p, to 7.25p after saying it expects record revenue this year.

The company has capitalized on contracts such as supplying detectors that scan for radiation and detect exposure to nuclear materials.

Kromek, which makes products that can identify cancer, Alzheimer’s and “dirty bombs,” also expects its 2024 profits to be higher than market forecasts.

The stock peaked at almost 80p in January 2014.

Investment company Foresight Sustainable Forestry has become the latest London-listed company to be acquired after it backed a £167m bid from private investor Averon Park.

The shares rose 30.1 per cent, or 22p, to 95p.

Another investment firm, GCP Asset Backed Income Fund, said it wants to return at least £85 million to investors in what would be the first return on capital, and has decided not to sell the company following a strategic review. It gained 6.9 per cent, or 4.9p, to 75.5p.

Sir Douglas Flint, chairman of IP Group, is reportedly facing pressure from shareholders to answer for the life sciences investor’s falling share price.

Lombard Odier, the second biggest investor, was among the disappointed, Sky News reported, as it fell 2.2 per cent, or 1.2 pence, to 53.2 pence.

National Express owner Mobico shed 6.7 per cent, or 3.95 pence, to 55.35 pence after analysts at Berenberg downgraded the stock on concerns about rising costs, leading losses for the year to more than a third.

Airline shares had a turbulent session, with British Airways owner IAG falling 2.8 per cent, or 4.8 pence, to 168.9 pence, while Easyjet fell 1.6 per cent, or 7.3p, to 456.6p and Wizz Air lost 2.8 per cent, or 62p, to 2,138p.

Asset manager Impax fell 14.7 per cent, or 74p, to 428p after recording huge fund outflows of £2.7bn in the first half.

SysGroup struck a deal with Softcat to help customers incorporate machine learning into their businesses and rose 12.9 per cent, or 4p, to 35p.

You may also like