26th Jan 2021 10:42
(Alliance News) - The following stocks are the leading risers and fallers among London Main Market small-caps on Tuesday.
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SMALL-CAP - WINNERS
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Harworth Group, up 7% at 115.02 pence, 12-month range 83.66p-154p. The land and property regeneration company said it delivered a "strong" operational performance in the second half of 2020. "This, coupled with the indicative outcome of the independent valuation of the land and property portfolio, means that we anticipate that the financial performance resulting in group EPRA [net development value] at 31 December 2020 will be ahead of our expectations," said Harworth.
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SMALL-CAP - LOSERS
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Raven Property Group, down 11% at 23.70p, 12-month range 23.15p-50p. The property investment company focused on commercial real estate said conditional agreements have been reached with Invesco Asset Management - acting for discretionary managed clients - to sell 156.7 million ordinary shares and 63.6 million preference shares, being all the ordinary and preference shares held by IAML in Raven Property. The sale price is 21.6p per share and 90.8p respectively. Under the proposed deal, 100.0 million ordinary shares and 32.5 million preference shares would be acquired by a newly formed joint venture vehicle, comprising Raven and executive management. Up to 46.8 million ordinary shares and 31.1 million preference shares will be conditionally placed with investors.
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Saga, down 4.9% at 264.3p, 12-month range 118.5p-701.7p. Saga offers products and services for the over 50s, including insurance and holidays. The company said that while it has "significant liquidity and headroom" to current covenants in short-term bank facilities, given the backdrop of continued disruption to its Travel business, it is taking actions to further enhance financial flexibility. Saga said it has started "constructive discussions" with lenders, who were described as "supportive". The firm said it expects to report a full-year underlying pretax profit, despite Covid-19 challenges.
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By Lucy Heming;Â [email protected]
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