FTSE 250 movers: Bumi tumbles as shareholder moves to oust Rothschild

6th Feb 2012 14:56

Mining group Bumi was out of favour following Friday's announcement that a major shareholder, Borneo Bumi Energi, had demanded a meeting to vote on numerous boardroom changes including the removal of the firm's co-founders Nathaniel Rothschild and James Campbell. Today the shake-up was described as "purely" about making the board as strong and manageable as possible, according to Chris Fong, a spokesman for Borneo Bumi Energi's controlling group Bakrie.Nomura downgraded its recommendation for the stock from buy to neutral this morning and slashed the target price from 1,400p to 1,000p, saying that the proposed changes bring a "new level of corporate governance risk to Bumi plc, which could weigh on the stock. Additionally, a prolonged corporate governance dispute could frustrate the group's growth and refinancing goals." Budget airline easyJet was also lower, with the weekend's bad weather not helping, as it revealed that passenger numbers nudged 0.4% lower in January. While the load factor improved slightly to 81.9%, it was well under the 12-month rolling average load factor of 87.7%.Northern Russia-focused oil group Exillon Energy saw shares edge higher after agreeing a new $100m loan facility, doubling the size of its previous credit line. The money will be used to finance drilling and infrastructure work at its two main sites in Timan-Pechora and West Siberia. Business events organiser and publisher UBM fell after selling off its UK agriculture and medical general practitioner magazines, representing a "further significant step in the transformation of UBM into a set of Events and other B2B marketing, communications, and data services businesses." FTSE 250 - RisersNew World Resources A Shares (NWR) 546.50p +7.79%Supergroup (SGP) 705.00p +6.50%RPS Group (RPS) 230.30p +4.92%Gem Diamonds Ltd. (DI) (GEMD) 229.70p +3.38%Oxford Instruments (OXIG) 1,025.00p +3.02%JD Sports Fashion (JD.) 803.00p +2.82%Interserve (IRV) 300.00p +2.74%Dixons Retail (DXNS) 14.78p +2.71%TR Property Inv Trust Sigma Shares (TRYS) 66.85p +2.69%Cable & Wireless Communications (CWC) 44.98p +2.62%FTSE 250 - FallersBumi (BUMI) 801.00p -5.76%Ocado Group (OCDO) 103.10p -4.80%Petropavlovsk (POG) 776.50p -3.96%Hansteen Holdings (HSTN) 72.95p -3.38%Shanks Group (SKS) 106.80p -3.35%Kesa Electricals (KESA) 72.50p -3.33%Chemring Group (CHG) 411.50p -3.18%Hays (HAS) 83.30p -2.86%William Hill (WMH) 227.80p -2.73%Telecom Plus (TEP) 658.00p -2.59%NR