28th Sep 2023 09:49
(Alliance News) - The following stocks are the leading risers and fallers among London Main Market small-caps on Thursday.
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SMALL-CAP - WINNERS
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Deliveroo PLC, up 8.8% at 120.00 pence, 12-month range 72.58-133.0p. The online food delivery service proposes to return up to GBP250 million to its shareholders through a tender offer at a price between 115 pence and 135p per share. A tender offer is a share buyback at a fixed price. Deliveroo notes the tender offer price represents a 6% to 24% premium to its closing price on Wednesday. The tender offer is subject to shareholder approval and its expected to open on Friday. The offer is expected to close on October 27, with proceeds anticipated to be despatched in early November.
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Hansard Global PLC, up 7.7% at 44.80 pence, 12-month range 32.40-55.02p. The specialist long-term savings provider reports a pretax profit of GBP5.9 million in the year ended June 30, up 55% from GBP3.8 million the year prior. Fees & commissions income dips to GBP45.7 million from GBP48.8, while investment income swings to gain of GBP44.5 million from a loss of GBP103.5 million the year prior. Other operating income climbs to GBP1.5 million from GBP1.0 million. Chief Executive Graham Sheward comments: "Our results for the 2023 financial year demonstrate a marked improvement in the profitability of the business reflecting additional investment revenue opportunities arising from higher interest rates, and continued discipline with respect to management expenses." Proposes a final dividend of 2.65 pence per share, unchanged from last year.
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Cobra Resources PLC, up 4.3% at 1.09 pence, 12-month range 0.95-2.00p. The South Australia-focused gold and rare earth exploration company reports a pretax loss of GBP307,101 in the six months ended June 30, widened slightly from a loss of GBP226,953 the year prior. During the period, announced a maiden rare earth mineral resource estimate of 20.9 million tonnes at 658 parts per million total rare earth oxides in saprolite above and proximal gold mineralisation. "The period culminated in what may be one of the most important developments in the Australian rare earths sector - the Boland discovery of proven ionic rare earth mineralisation in palaeo-channel which is amenable to low-cost, low-disturbance in situ recovery using well established techniques in South Australia," says Chair Greg Hancock. Looking forward, says its focus for the second half of the year is on the advancement of the Boland discovery. Plans to drill sonic core holes to better understand mineralogy at Boland, build baseline environmental and hydrological datasets, and re-analyse historical palaeo-channel samples.
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SMALL-CAP - LOSERS
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Genflow Biosciences PLC, down 4.4% at 1.66 pence, 12-month range 1.43-5.70p. The anti-ageing drug-focused biotechnology company reports a pretax loss of GBP621,409 in the six months ended June 30, narrowed slightly from GBP773,794 a year previous. Says it continues to maintain a secure financial position and has cash reserves until March 2025. Notes progress on two programmes during the period: non-alcoholic steatohepatitis, where it seeks to reverse ageing fibrotic livers to normal functionality, and werner syndrome, where it seeks to improve the lives of patients suffering with this accelerated ageing disease. Adds NASH clinical trails are scheduled to begin in 18 months.
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By Heather Rydings, Alliance News senior economics reporter
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