20th Jun 2025 10:36
(Alliance News) - The following stocks are the leading risers and fallers among London Main Market small-caps on Friday.
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SMALL-CAP - WINNERS
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Downing Renewables & Infrastructure Trust PLC, up 22% at 101.5 pence, 12-month range 70.2p-101.5p. The Leeds, England-based company, which invests in UK and Northern European renewable energy assets, has reached a deal to be acquired by its largest shareholder Bagnall Energy Ltd. Bagnall is a renewable energy and infrastructure arm of Downing Estate Planning Services, which manages a portfolio of UK and Northern European solar, wind, hydropower and battery storage assets. Downing's investment manager Downing LLP acts as discretionary investment manager and provides some services to Bagnall. Each DORE shareholder will be entitled to 102.6016 pence in cash, a premium of approximately 24% to DORE's closing price of 83.00p on Thursday. The offer price values DORE at around GBP174.6 million. Bagnall Chair James Watson says: "We are firm believers in the transformative power of renewable energy infrastructure, and the acquisition of DORE aligns perfectly with Bagnall's long-term vision and commitment to the sector. However, given challenging public market conditions and DORE's current lack of scale, we believe that the acquisition will enable it to achieve greater scale, success and operational efficiency. For too long, DORE's true value has not been reflected in its share price, and today's offer represents an attractive opportunity for DORE shareholders to immediately crystallise value."
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SMALL-CAP - LOSERS
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Record PLC, down 5.4% at 54.1p, 12-month range 45p-71.4p. The Windsor, England-based specialist currency and asset manager's pretax profit, for the year ended March 31, falls 15% to GBP10.9 million from GBP12.9 million the year before. Total revenue decreases 8.3% to GBP41.6 million from GBP45.4 million, driven by lower performance fees, while management fees are down 3.9% to GBP37.2 million. Assets under management as of March 31 total USD100.9 billion, down 1.2% from USD102.1 billion a year earlier. However, Record also reports that basic earnings per share rose 3.9% to 5.03 pence from 4.84p, helped by a lower tax charge of GBP1.8 million, down from GBP3.7 million. Diluted EPS increased 3.3% to 4.94p from 4.78p. Moreover, Record proposes a final dividend of 2.50p per share, up from 2.45p, taking the full-year dividend to 4.65p, slightly ahead of the prior year's 4.60p. Looking ahead, Record says it expects revenue to grow in the low single digits in financial 2026, with earnings per share likely to remain flat. However, growth over the medium term is expected to accelerate as the company deploys newly raised private market funds.
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Kenmare Resources PLC, down 1.0% at 311p, 12-month range 275p-436p. Berenberg has cut the Mozambique-focused titanium minerals and zircon producer to 'hold' from 'buy', and cut the price target to 390p from 580p. Follows Oryx Global Partners and Michael Carvill confirming on Thursday that they would not be making a firm offer for Kenmare. Company said that during talks, "it was made clear by the consortium that it would only be willing to proceed with an offer at pricing substantially below the initial proposal". The consortium said at the time: "Following a comprehensive due diligence process and after accounting for its findings, the consortium was unable to reach alignment with Kenmare on its updated valuation and as a result the consortium has ceased engagement."
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By Emma Curzon, Alliance News reporter
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Related Shares:
Downing Renewa.RecordKenmare Resources