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SMALL-CAP WINNERS & LOSERS: Chrysalis rises on proposed buybacks

13th Oct 2023 10:08

(Alliance News) - The following stocks are the leading risers and fallers among London Main Market small-caps on Friday.

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SMALL-CAP - WINNERS

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Chrysalis Investments Ltd, up 6.9% at 59 pence, 12-month range 49.48p-93.9p. The investor in technology and finance startups sets out a proposed capital allocation policy to shareholders. Says the policy will be to have a "prudent" cash reserve of GBP50 million, then prioritise distribution to shareholders. The board intends to buy back 15% of its share capital, and will then seek further authority from shareholders, if required, until GBP100 million has been distributed. After that, capital allocation will be balanced between further distributions to shareholders and portfolio investments.

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Avon Protection PLC, up 4.9% at 701.65p, 12-month range 582p-1,250p. The personal protection equipment company says second-half trading in the financial year ended September 30 was stronger than the first half, as expected. Says order book at year-end is up 10% year-on-year, with strong demand for helmets offsetting softness in Respiratory demand. Also says second-half underlying earnings were ahead of the first half. "I am delighted to see the Avon team rising to the challenge of realising our full potential and remain excited by the significant opportunity to expand cash-backed margins, accelerate growth and improve return on capital," says CEO Jos Sclater.

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SMALL-CAP - LOSERS

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Synthomer PLC, down 5.2% at 201p, 12-month range 195p-1,247.07p. The chemicals company says its underwriters procure subscribers for all of the remaining 10.3 million new ordinary shares under its six-for-one rights issue. The placing price of 200p is a 5.7% discount to Thursday's closing price of 212p. The shares represented 7.4% of the total rights issue.

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By Elizabeth Winter, Alliance News senior markets reporter

Comments and questions to [email protected]

Copyright 2023 Alliance News Ltd. All Rights Reserved.

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