FTSE 250 movers: Double dose of good news for Lonmin

30th Oct 2012 15:44

Lonmin shareholders saw their shares jump over eight per cent after the platinum producer announced a chunky rights issue to improve its chances of passing banking covenant tests. The group, which was almost brought to its knees by strikes at its South African operations in the summer, plans to raise in the region of $800m through the underwritten rights issue. Final details of the rights issue have yet to be determined but the new shares will be issued at a minimum price of $1 a share. On top of that work at Lonmin's Saffy mine in South Africa was back up and running after striking workers bowed to a deadline to go bad to work. Regus also had a good day after it announced plans to open more offices this year than originally expected in order to meet growing demand for flexible and mobile working. The company had anticipated adding 200 new centre during 2012, but now plans to open 230 - 250 new centres. It said these additions would have a small impact on this year's group profitability as it absorbed incremental opening costs and some initial start-up losses. However, it added they would contribute to cash flows and profitability in future years. At the other end of the scale, Centamin took a hammering before its shares were suspended. The plunge came after reports that an Egyptian court had over-ruled a 2005 decision to award the company the contract to mine at its flagship Sukari site. Centamin rushed out a statement saying mining operations were continuing as usual. "At this time, no details of a final decision are available and no written judgement has been given," the company said."Centamin confirms that it is not a party to this case, repeats its view that the concession as law 222 of 1994 remains valid and that the court does not have jurisdiction to cancel it."For a second day running confidence drained out of New World Resources and African Barrick Gold, which fell 5% and 3.8% respectively.FTSE 250 - RisersLonmin (LMI) 519.50p +8.23%Regus (RGU) 102.50p +4.06%Man Group (EMG) 81.60p +4.02%Premier Oil (PMO) 362.10p +3.34%Morgan Crucible Co (MGCR) 252.70p +2.89%Kenmare Resources (KMR) 38.76p +2.89%Ferrexpo (FXPO) 200.10p +2.56%Playtech Ltd. (PTEC) 415.20p +2.52%Ruspetro (RPO) 102.00p +2.51%FirstGroup (FGP) 191.80p +2.24%FTSE 250 - FallersCentamin (DI) (CEY) 63.83p -35.40%New World Resources A Shares (NWR) 265.40p -5.08%IP Group (IPO) 114.00p -4.20%African Barrick Gold (ABG) 426.30p -3.55%Stobart Group Ltd. (STOB) 109.40p -2.76%COLT Group SA (COLT) 115.10p -2.62%Computacenter (CCC) 365.40p -2.09%Restaurant Group (RTN) 374.00p -2.09%Rathbone Brothers (RAT) 1,275.00p -2.07%KCOM Group (KCOM) 75.20p -2.02%MM