24th Dec 2024 11:09
(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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Georgia Capital PLC, up 5.4% at 1,174.00 pence, 12-month range 830.00p-1,396.00p. The Tbilisi-based investor in Georgian businesses announced on Monday that it has agreed to sell its 92% stake in its beer and distribution business, to a subsidiary of Royal Swinkels NV. Says it has received net sales proceeds totalling approximately USD63 million. Secondly, Georgia Capital's shareholders have approved a USD25 million share buyback programme to reduce share capital which commences immediately. The buyback will continue for six months or until the 2025 annual general meeting. Company says the maximum price per share will not exceed the latest reported NAV per share amount. It previously said in May that it will make at least GEL300 million, approximately USD106.9 million, available for capital returns through the end of 2026.
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SMALL-CAP - LOSERS
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Atlas Metals Group PLC, down 58% at 11.88p, 12-month range 7.20p-7,780.00p. The natural resources and energy investor, formerly known as MetalNRG, reports the termination of its agreement to buy Compagnie Miniere de Oumejrane from Moroccan mining group Managem SA. Atlas signed a sale and purchase agreement in October to purchase CMO. However, it has since been unable to raise the GBP15 million it needed to complete the deal, due to feedback from prospective investors during a planned equity placing. Managem has therefore terminated the agreement with immediate effect. Atlas is exploring alternative options to salvage the deal, but acknowledges that "there can be no certainty that the transaction will be successfully completed".
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By Emma Curzon, Alliance News reporter
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