A couple of big losers at the lower end of the market, particularly Raymarine, whose shares are sinking fast.
The company, which supplies electronic products to the leisure marine market, has lost nearly 40% of its value - down 4.9p to 6.6p - after it said its net debt had reached £91.6m. To put that in context, its market capitalisation after today's collapse is less than £6m.
It also said it had run up higher costs than expected related to fees for a refinancing. And the bad news continued: it has breached some of the banking covenants relating to its facilities which run out next March, and it is reliant on waivers from its financing syndicates. These waivers run out on December 4. Meanwhile it continues its refinancing talks, and also discussions about a possible sale of the business or equity fundraising.
But this is the key line, and one which makes you wonder why the shares have not fallen even further: "the board considers it increasingly likely that little, if any value for ordinary shareholders will be realised."
Meanwhile ImmuPharma, the lupus specialist, has lost 26p to 110p after the market reacted badly to the latest results from its lead drug. And no matter how much the company complains people have missed the point or its broker Noble issues positive notes, investors seem in no mood to listen at the moment.
