19th Sep 2024 10:34
(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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Capricorn Energy PLC, up 6.3% at 230.74 pence, 12-month range 109.20p-273.60p. The Egypt-focused oil and gas exploration company backs its annual outlook and notes "material cash collections in Egypt". Revenue from production in the first half of 2024 falls 18% to USD80.8 million from USD98.8 million. It swings to a pretax profit, however, of GBP16.4 million from a loss of GBP37.4 million. Chief Executive Randy Neely says: "Following material cash collections in Egypt, we have resumed investing. A key catalyst in improving production and unlocking value from these assets will be an amendment to the terms of our production sharing contracts and we are formally engaged with our operating partner, Cheiron, and the Egyptian General Petroleum Corporation to achieve this." The firm expects to meet output guidance of 20,000-24,000 barrels of oil equivalent per day.
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Capital & Regional PLC, up 3.9% at 63.56 pence, 12-month range 48.88p-73.80p. Real estate investment trust NewRiver REIT is considering a potential cash-and-share offer of about GBP147 million for peer Capital & Regional, the duo announced late Wednesday. Under the terms of the possible offer, the two said in a joint statement Capital & Regional shareholders will receive 31.25p in cash per share and 0.41946 new NewRiver shares. Late in May, NewRiver first made a proposal to Growthpoint Properties about a potential takeover of Capital & Regional. Growthpoint owns 68% of Capital & Regional. On the basis of the closing price per NewRiver share of 74.5p each on May 22, being the last business day before the offer period started, the possible offer implies a value of 62.5p per Capital & Regional share and about GBP147 million for the entire issued share capital of Capital & Regional. NewRiver said it has raised GBP50.2 million from a placing and retail offer. NewRiver shares rise 2.2%.
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SMALL-CAP - LOSERS
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Chesnara PLC, down 3.1% at 256.90p, 12-month range 240.00p-289.50p. Shares in the insurance company and pension consolidator go ex-dividend, meaning new buyers will not qualify for the latest payout.
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Asos PLC, down 0.8% at 441.57p, 12-month range 328.84p-453.80p. HSBC cuts the online fashion retailer to 'reduce'.
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By Eric Cunha, Alliance News news editor
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