{"id":3989,"date":"2006-02-15T00:00:00","date_gmt":"2006-02-15T00:00:00","guid":{"rendered":""},"modified":"-0001-11-30T00:00:00","modified_gmt":"-0001-11-30T04:00:00","slug":"hedge-funds-lose-out-as-mfi-soars","status":"publish","type":"post","link":"https:\/\/www.hedgeco.net\/news\/02\/2006\/hedge-funds-lose-out-as-mfi-soars.html","title":{"rendered":"Hedge funds lose out as MFI soars"},"content":{"rendered":"<div class=\"articleColumn1\">  Independent &#8211; Dozens of hedge funds saw millions of pounds wiped off their portfolios yesterday after shares in MFI recorded their biggest-ever one-day gain. They leapt 17 per cent on the news that  the furniture retailer had sold its French kitchens business, Hygena Cuisines, for \u00c3\u00a2\u00e2\u20ac\u0161\u00c2\u00ac135m (\u00c3\u201a\u00c2\u00a393m).  <\/p>\n<p>    MFI has more hedge fund investors betting on a fall in the stock than any other company in the UK, with its management admitting last month that one in four investors were short sellers of the    stock.  <\/p>\n<p>    However, news that the troubled furniture group had disposed of its French business to Nobia, a Swedish kitchen maker, for a price equivalent to almost 17 times the division&#8217;s 2005 pre-tax    earnings, was welcomed in the City. MFI said it would use the sale proceeds to pay down its bank debt, allaying fears it may have needed to hold a rights issue to contain its debt.  <\/p>\n<\/div>\n<p><a href=\"http:\/\/news.independent.co.uk\/business\/news\/article345539.ece\">Read Complete Article<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Independent &#8211; Dozens of hedge funds saw millions of pounds wiped off their portfolios yesterday after shares in MFI recorded their biggest-ever one-day gain. They leapt 17 per cent on the news that the furniture retailer had sold its French [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[],"class_list":["post-3989","post","type-post","status-publish","format-standard","hentry","category-syndicated"],"_links":{"self":[{"href":"https:\/\/www.hedgeco.net\/news\/wp-json\/wp\/v2\/posts\/3989","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.hedgeco.net\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.hedgeco.net\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.hedgeco.net\/news\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.hedgeco.net\/news\/wp-json\/wp\/v2\/comments?post=3989"}],"version-history":[{"count":0,"href":"https:\/\/www.hedgeco.net\/news\/wp-json\/wp\/v2\/posts\/3989\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.hedgeco.net\/news\/wp-json\/wp\/v2\/media?parent=3989"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.hedgeco.net\/news\/wp-json\/wp\/v2\/categories?post=3989"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.hedgeco.net\/news\/wp-json\/wp\/v2\/tags?post=3989"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}