Allied Minds shares drop 16% after $146m writedown announcement

FTSE 250 IP commercialisation group Allied Minds is on track for its biggest one-day share price drop ever, after it announced it expects to take a $146.6m writedown as part of a restructuring effort.

The Boston-based company said today it will pull funding from seven of its subsidiaries and mark down their entire value in its full-year results, as it looks to focus on a smaller number of its most promising businesses.

At publication time, shares in the group were down 16 per cent to 219p, their lowest level since shortly after the company’s IPO in 2014.

The sharp fall today follows another big drop earlier this week, before the restructuring was announced. Shares fell 11 per cent on Monday, and a further 3.5 per cent yesterday.