28th Jan 2026 10:32
(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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Life Science REIT PLC, up 19% at 42.23 pence, 12-month range 33.20p-49.00p. Agrees to a GBP150 million cash-and-shares takeover by British Land Co, with activist investor Saba Capital backing the transaction through its 14% interest in Life Science REIT. British Land agrees to pay 14.1 pence in cash plus 0.07 new British Land shares for each Life Science REIT share, valuing the offer at 42.8 pence per share, a 21% premium to the target's closing price on Tuesday but a discount of around 26% to Life Science REIT's EPRA NAV of 57.7 pence per share at December 31. On completion, Life Science REIT shareholders are expected to own around 2.4% of the enlarged British Land group. Saba Capital, which holds cash-settled swaps linked to 14% of Life Science REIT shares, commits to support the scheme if it acquires the underlying shares. Other shareholders representing about 31% of the register also provide irrevocable undertakings or letters of intent. Life Science REIT's board unanimously recommends the offer, saying it provides greater and more immediate value than the previously approved managed wind-down while allowing shareholders to remain invested through a larger, more liquid vehicle.
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SMALL-CAP - LOSERS
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Marston, down 9.5% at 62.38p, 12-month range 31.10p-69.20p. Says trading remains strong and is confident in delivering on full-year market expectations, as like-for-like sales rise 4.0% in the 17 weeks to January 24 and increase 5.6% across key festive days of Christmas Eve, Christmas Day, Boxing Day, New Year's Eve and New Year's Day. The Wolverhampton, England-based based operator of more than 1,300 pubs across the UK says performance tracks in line with the prior year and continues to outperform the wider market. It highlights resilient demand, accelerating rollout of new pub formats and ongoing margin improvement supported by disciplined cost control. Marston's adds that demand-driving events, including the 2026 FIFA World Cup, underpin confidence for the year ahead. The board notes consensus forecasts for financial 2026 underlying pretax profit of GBP78.7 million, up from GBP72.1 million in 2024, and says it remains on track to meet full-year expectations. CEO Justin Platt says: "Like‑for‑like sales have remained resilient and, with 23 new pub format launches completed already in the first quarter, our accelerated rollout programme is driving further trading momentum and enhancing the guest experience."
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Auction Technology Group PLC, down 3.7% at 308.50 pence, 12-month range 259.50p-658.00p. FitzWalter Capital Ltd says its possible offer for Auction Technology Group will not be increased after it is denied access to due diligence information. FitzWalter confirms its "final possible offer" remains at 400 pence per share, valuing ATG at a 48% premium to the undisturbed share price on January 2. The bidder says it cannot improve the terms without due diligence and adds that the offer price will not be raised unless ATG's board signals it would recommend a higher competing proposal, a third party announces a possible bid, or the Takeover Panel grants consent in exceptional circumstances. FitzWalter says the premium is in line with UK market medians for recent cash deals and warns that shareholders "will ultimately miss out" if the board does not engage. Under takeover rules, FitzWalter must announce a firm intention to bid or walk away by February 2, unless the deadline is extended.
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By Eva Castanedo, Alliance News reporter
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Related Shares:
MarstonsAuction Technology GroupLife ScienceBritish Land