23rd Sep 2021 11:00
(Alliance News) - The following stocks are the leading risers and fallers among London Main Market small-caps on Thursday.
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SMALL-CAP - WINNERS
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French Connection Group PLC, up 18% at 27.22 pence, 12-month range 4.60p-32.00p. The fashion retailer receives a takeover approach from consortium of bidders including its second largest shareholders Apinder Singh Ghura, Amarjit Singh Grewal and KJR Brothers Ltd. The indicated offer price is 30.00p per share in cash, which is a 30% premium to Wednesday's closing price of 23.10p.
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DFS Furniture PLC, up 2.3% at 273.54p, 12-month range 154.00p-318.50p. The sofa retailer posts higher annual earnings as it benefits from pent-up demand. For financial year ended June 27, revenue rises 47% to GBP1.07 billion from GBP724.5 million last year and swings to pretax profit of GBP99.2 million from loss of GBP81.2 million. DFS reinstates final dividend at 7.5p per share. Looking ahead, DFS says it is "well placed" to achieve its medium profit scenario in financial 2022. In June, the company set out a range of forecasts, with a medium scenario for pretax profit of GBP85 million - a 14% decline from financial 2021.
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Fuller, Smith & Turner PLC, up 2.0% at 744.40p, 12-month range 530.00p-977.73p. The pub operator says like-for-like sales for the seven weeks to this past Saturday stood at 86% of 2019 levels as restrictions eased. Fullers says it looked forward to the further benefits of increasing footfall in London as well as to the continued return to office working.
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SMALL-CAP - LOSERS
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Civitas Social Housing PLC, down 2.6% at 92.90p, 12-month range 90.10p-121.00p. The social housing investor hits out at a short-seller report. On Wednesday, ShadowFall wrote a letter to Civitas - claiming to hold a short position of 0.8% in the firm - alleging transparency issues over acquisitions and leases. "It is the board's belief that the letter is based on factual inaccuracies, incorrect assumptions, erroneous comments and assertions which are not grounded in fact," Civitas says, adding it will publish a full response after reviewing the letter in detail. Separately, Civitas says resolution 13 at its annual general meeting held on Wednesday failed to receive sufficient shareholder support. The proposal, a special resolution seeking authority to allot shares up to 10% of its issued share capital, saw 27% of votes cast against it.
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By Arvind Bhunjun; [email protected]
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