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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Metro Bank Holdings PLC, up 6.4% at 39.90 pence, 12-month range 36.15p-157.80p. Metro has begun a process to sell a £3 billion chunk of its mortgage book to shore up its finances, Sky News reported on Thursday. The under pressure lender as sized up high street banking neighbours as possible buyers, including Lloyds Banking Group PLC and NatWest Group PLC, Sky News reported, citing City sources. The measures would form part of a wider capital raising plan, which Sky News reported would include a £100 million equity raise and a refinancing of £350 million worth of debt which is due roughly this time next year. The Financial Times had that Metro Bank’s possible balance sheet boosting efforts would be worth £600 million, £250 million in equity funding and £350 million in debt. On Thursday, Metro Bank said it ‘continues to consider how best to enhance its capital resources.’ In particular, it noted its £350 million senior non-preferred notes due in October 2025.
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SMALL-CAP - LOSERS
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Petra Diamonds Ltd, down 8.7% at 61.20p, 12-month range 61.00p-123.00p. The Southern Africa-focused diamond miner and supplier says it has brought forward its tender two sales. In these initial tender results, 344,554 carats, representing about 75% of the total tender volume, have been sold for a total of $30.2 million, at an average price of $88 per carat. These prices are 16% to 18% lower than prices achieved in tender 1 on a like-for-like basis. It says this reflects prevailing market weakness.
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XP Power Ltd, down 5.3% at 766.55p, 12-month range 755.00p-2,750.00p. The manufacturer of power controllers cancels its second quarter dividend of 19.0p. XP says it continues to take all necessary internal actions to manage its cost base and cash resources, in order to strengthen the balance sheet in the near term. Chair Jamie Pike says: ‘Notwithstanding these short-term challenges, the board believes XP has a positive longer term outlook and we are fully focused on ensuring that the group realises its potential.’
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