23rd Dec 2024 11:13
(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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Majedie Investments PLC, up 1.2% at 251 pence, 12-month range 219p-257p. The investment trust announces results for the financial year that ended September 30. Reports a "strong performance" with a net asset value total return of positive 21.5%, improved from 14.1% the year before. NAV per share with debt at fair value is 285.8p as of September 30, up 18% from 241.6p one year prior. Declared dividend payments total 8.0p per share for the year, up from 7.2p for financial 2023. Also says it is negotiating terms for a revolving credit facility worth up to GBP15 million. The outstanding debenture of GBP20.7 million is repayable in March and will not be replaced. Looking ahead, Chair Christoper Getley says: "Although global equity markets are close to all-time highs, bond markets more subdued and geopolitical stability appears to be no closer, we believe this presents opportunities as well as risks for Majedie."
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SMALL-CAP - LOSERS
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Petrofac Ltd, down 12% at 9.00p, 12-month range 7.00p-45.00p. Enters binding lock-up agreement with its key creditors on the terms of its "comprehensive restructuring" of its debt. Restructuring includes material dilution "while preserving some value" for existing shareholders; upsizing a new equity issuance by up to USD25 million; a retail offering worth around USD8 million in 2025; and converting about USD772 million of existing debt into equity. Also, it includes committed new funding of USD325 million. This consists of USD131 million in new debt backstopped in large part by the Ad Hoc Group, and USD194 million in new equity committed by Ad Hoc. After "repayment of certain obligations" this will increase Petrofac's liquidity by "at least" USD195 million.
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By Emma Curzon, Alliance News reporter
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