Hexatronic closes 10% down after Viceroy says it's short on stock

Hexatronic AB

17/05/2023 16:50

(Adds CEO comment, details on acquisitions)
    ** Shares in Swedish electronic and technical solutions
maker Hexatronic  HTRO.ST  close around 10% down, at the bottom
of STOXX 600  .STOXX , with traders citing Twitter comments from
Viceroy Research's Fraser Perring
    ** "We're short $HTRO & consider it uninvestable; the
buyback is a distraction," says Viceroy Research's Fraser
Perring on Twitter
    ** Hexatronic authorised on Wednesday a buyback for a
maximum of 1.2 million shares
        ** Hexatronic CEO Henrik Larsson Lyon tells Reuters the
buyback is small compared to the mandate from the general
meeting, which corresponds to about 20 million shares 
  
        ** In a Twitter post, Perring also suggested Hexatronic
"needs to reconsider its acquisition strategy"
  
        ** Larsson Lyon tells Reuters that he is happy with the
acquisitions the company has made, adding they have developed
according to plan or better
  
        ** "We have a very robust M&A process. We know what we
are buying," Larsson Lyon says
  
    ** Wednesday is a half-day trading on Nasdaq Stockholm, with
the market closing at 13:00 local time (1100 GMT)
    ** Including Wednesday's fall, the Hexatronic stock has
dropped around 53% YTD

 (Reporting by Greta Rosen Fondahn)
 ((Greta.RosenFondahn@thomsonreuters.com))