14th Apr 2025 10:33
(Alliance News) - The following stocks are the leading risers and fallers among London Main Market small-caps on Monday.
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SMALL-CAP - WINNERS
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John Wood Group PLC, up 11% at 27.8 pence, 12-month range 23.62p-211.4p. The Aberdeen-based oilfield and engineering services firm says it is "minded to recommend" an approximate GBP240 million proposed offer from Dar Al-Handasah Consultants Shair & Partners Holdings Ltd, known as Sidara. Says Sidara plans a USD450 million capital injection into the company, alongside the proposed 35 pence per share cash bid. Sidara meanwhile says it has made "significant progress" with its due diligence, including that concerning its review of the points raised in the independent review commissioned by John Wood. (The review, conducted by Deloitte, found "material weaknesses and failures" in the "financial culture" of John Wood's Projects division.) Also as of Monday, John Wood continues to consider a range of alternative refinancing options to provide an "appropriate and sustainable" long-term capital structure. Adds: "Having carefully considered the viability of these options together with its financial advisers, the board of Wood currently believes that the possible offer represents the better option for Wood's shareholders, creditors and other stakeholders." Says it is seeking an extension of its existing committed debt facilities.
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Gore Street Energy Storage Fund PLC, up 6.1% at 57.1 pence, 12-month range 44.5p-69.5p. The London-based investor in utility-scale energy storage projects says its Texan asset Dogfish has agreed to sell US investment tax credits for consideration of approximately GBP18 million to GBP19 million in gross proceeds. Expects the sale to close by the end of June followed by one upfront payment. Adds that the pricing aligns with the previous guidance of USD60 million to USD80 million for both the Big Rock and the Dogfish ITCs. Says the Big Rock ITCs' sale continues to progress well. Gore Street Investment Management's Chief Executive Officer Alex O'Cinneide calls the sale a "significant milestone", adding: "The fundamentals of the asset class remain robust, supported by increasing structural demand and a favourable policy environment that reinforces the long-term need for energy storage across the multiple markets in which we operate."
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SMALL-CAP - LOSERS
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TT Electronics PLC, down 1.9% at 73.35p, 12-month range 73.35p-179p. Barclays has cut its price target for the manufacturer of electronic solutions for critical applications, to 100p from 170p, maintaining its 'overweight' rating.
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By Emma Curzon, Alliance News reporter
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