LONDON (Thomson Financial) - Among casualties, Cagney fell 22 percent -- or
0.25 of a penny to just 0.875 -- as the marketing services group disclosed that
chief executive Paul Simons has resigned as a director of the company with
immediate effect.
Also on the downside, Renova Energy dropped 1-1/4 to 4-1/2 after the ethanol
producer -- currently in talks with its lenders and creditors -- warned that any
restructured bank debt will include the right to convert a significant amount of
the bank debt into equity.
Such conversion right is likely to be very dilutive to existing shareholders
if subsequently exercised, it added.
Elsewhere, MicroEmissive Displays ran back 6-1/4 to 19 after the company
warned it now expects to achieve month-on-month profitability during the next
financial year. It blamed the delay on a general slow down in the demand for
consumer electronics world-wide and a slower than anticipated development of the
market for consumer head mounted displays.
tf.TFN-Europe_newsdesk@thomsonreuters.com
fjb/sal
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