4th Jun 2025 11:08
(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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Cab Payments Holdings PLC, up 7.2% at 44.225 pence, 12-month range 38.4p-145.8p. Announces that subsidiary Crown Agents Bank Ltd has been granted approval by the Federal Reserve System's board of governors, and the New York State Department of Financial Services, to operate a representative office in New York. Cab says the New York office will act as its regional business hub, allowing it to "continue to serve its existing clients while driving new client business in the region". "A licensed presence in the US will also help to build stronger relationships with our US dollar clearing partners and to further support foreign exchange and payment flows from clients across South and Central America," it adds. Chief Executive Officer Neeraj Kapur says he is "delighted", adding: "With on-the-ground presence in the UK, Europe and now the US, we are creating a business with global reach. We are excited to bring our best-in-class FX and cross-border payment services to the Americas, helping businesses overcome the complexities of operating in hard-to-reach markets."
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Tullow Oil PLC, up 2.5% at 15.38p, 12-month range 12p-36.16p. The Africa-focused oil and gas development company, along with Kosmos Energy Ltd, up 3.2% at 128.00p, announced that alongside PetroSA, Ghana National Petroleum Co and Explorco, they have entered a memorandum of understanding to extend the West Cape Three Points and Deep Water Tano licences to 2040. The licences cover the Jubilee and TEN fields in Ghana, and the MoU includes approval to drill up to 20 additional wells in the Jubilee field. This represents an investment of up to USD2 billion in Ghana over the life of the licences. The companies add that the JV partnership expects to realise a material increase in gross 2P reserves. The MoU includes a commitment to work to increase in the supply of gas from both fields to approximately 130 million standard cubic feet per day; a guaranteed reimbursement mechanism for gas sales; and a reduced price for associated gas from Jubilee. "This is a valuable step forward for the government of Ghana, Tullow and our JV partners...This extension and the fiscal stability of our contracts emphasises the opportunity Ghana represents to deliver additional value through production and reserves additions, providing greater long-term optionality and materiality to these core assets," comments Tullow's Chief Financial Officer & Interim CEO Richard Miller.
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SMALL-CAP - LOSERS
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MJ Gleeson PLC, down 2.4% at 390.5p, 12-month range 390.5p-654p. RBC cuts the Sheffield, England-based housebuilder to 'underperform' from 'sector perform', and cuts its price target to 425p from 650p.
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Seraphim Space Investment Trust PLC, down 0.8% at 72.8p, 12-month range 46.5p-73.4p. The investment fund, which targets early and growth-stage space technology companies, announces its third-quarter results. Net asset value totals 100.78p per share at March 31, down 0.3% from 101.04p at December 31. Total NAV decreases to GBP239.0 million from GBP239.7 million. Seraphim says it had GBP16.5 million in cash reserves as of March 31, down on-quarter from GBP23.5 million, and notes that it has an additional GBP11.2 million in potential liquidity via holdings in listed companies. Its portfolio valuation has increased 3.0% to GBP222.7 million from GBP216.3 million, "driven by a GBP4.9m unrealised fair value increase, additions of GBP4.1m and follow-ons of GBP2.0m". "Landmark deals with the US government and growing partnerships with NATO, European governments and defence primes continue to illustrate how well aligned SSIT's portfolio is with the rapidly evolving demands for sovereign space capabilities from governments around the world," Chair Will Whitehorn comments. Looking ahead, he says: "Despite the ongoing broader market volatility, the outlook for space remains robust."
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By Emma Curzon, Alliance News reporter
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Related Shares:
Cab PaymentsTullow OilKosmos EnergyMJGleesonSeraphim Sp