25th Sep 2024 11:05
(Alliance News) - The following stocks are the leading risers and fallers among London Main Market small-caps on Wednesday.
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SMALL-CAP - WINNERS
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Chrysalis Investments Ltd, up 3.5% at 87.55 pence, 12-month range 52.9p-93.1p. Agrees GBP70 million debt facility with Barclays Bank PLC. Says facility also includes an uncommitted accordion of GBP15 million. Intends to draw down the full GBP70 million commitment. The agreement has a two-year tenor, which Chrysalis provides sufficient time for potential further realisations to occur, while falling within the three-year continuation period extension. Facility fulfils buffer element of capital allocation policy, which is set at around GBP50 million, "designed to cover working capital and potential follow-on investments". Firm says this leaves board in position to consider the second pillar of the CAP, "namely the return of up to GBP100 million to shareholders, likely through the commencement of share buybacks".
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SMALL-CAP - LOSERS
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Pharos Energy PLC, down 2.2% at 23.95p, 12-month range 18.7p-26.8p. Says it has repurchased 48,448 shares at average 24.60p on Tuesday.
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EnQuest PLC, down 1.6% at 11.06p, 12-month range 11p-17.02p. Announces pricing of its offering of USD160.0 million aggregate principal amount of senior notes due 2027. Notes are due for settlement on October 2 at an issue price of 101.00%. These new notes are being offered as additional notes under the indenture dated October 25, 2022, pursuant to which EnQuest issued USD305.0 million in senior unsecured fixed rate notes due 2027. Says it will use offering proceeds to repay and cancel all outstanding amounts under its USD second lien term loan facility. Proceeds will also go towards general corporate purposes, including costs and expenses related to the transaction.
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By Emma Curzon, Alliance News reporter
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