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SMALL-CAP WINNERS & LOSERS: Industrials REIT surges on potential offer

3rd Apr 2023 10:30

(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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Industrials REIT Ltd, up 38% at 162.50 pence, 12-month range 113.33p-201.00p. The London-based real estate investment trust surges after saying that Blackstone plans to make a possible offer to acquire the property group after "extensive negotiations". Industrials REIT says the two had reached agreement on the key financial terms of a final proposal for a possible cash offer for Industrials REIT. It is to be made by a new entity controlled by one or more of the investment funds advised by Blackstone or any of its affiliates. Under the terms of the final offer, Industrials REIT shareholders stand to receive 168 pence per share in cash. The offer represents a premium of 42% to the Industrials REIT closing price of 118.0p on Friday. Industrials REIT and Blackstone are targeting the announcement of a firm intention to make an offer by Friday next week.

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SMALL-CAP - LOSERS

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Nanoco Group PLC, down 3.8% at 22.80p, 12-month range 19.48p-72.60p. The Manchester, England-based quantum dots manufacturer extends losses made last week. On Monday last week, Nanoco responded to group of shareholders that published a letter raising "serious corporate governance concerns" and demanding the removal from the board of Chair Christopher Richards, Chief Executive Officer Brian Tenner and Chief Financial Officer Liam Gray. The letter asked for the removal of five of the six board members, excluding only Chief Technology Officer Nigel Pickett. The group of shareholders that published the letter is led by Tariq Hamoodi, who holds a 4.2% stake in the firm.

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Ricardo PLC, down 1.4% at 546.00p, 12-month range 542.00p-554.00p. The environmental and engineering consulting company appoints Judith Cottrell as it new chief financial officer with effect from the end of September 2023. Cottrell will join the company on the July 1. Most recently, she was group finance director for RPS Group PLC. Chair Mark Clare says: "We are delighted that Judith is joining us at such an exciting time, as Ricardo accelerates its transformation to become a world-leading strategic and environmental consultancy in environmental and energy-transition solutions."

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By Sophie Rose, Alliance News reporter

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Copyright 2023 Alliance News Ltd. All Rights Reserved.

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