The following stocks are the leading risers and fallers among London Main Market small-caps on Tuesday.
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SMALL-CAP - WINNERS
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Videndum PLC, up 21% at 332.85 pence, 12-month range 266p-1,349.07p. The manufacturer of hardware and software for the content creation market, including broadcasters and film studios, raises £125 million via completing bookbuild for the firm placing, conditional placing of 46.9 million new shares at 267p each. The price is a 3.3% discount to its closing price on Monday. Will use £44.2 million in net proceeds to fund the repayment and cancellation of its outstanding term loans, which relate to its acquisitions of Savage and Audix. Further, £72.5 million will be used to repay drawings under its £200 million revolving credit facility.
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Capita PLC, up 9.7% at 21.05p, 12-month range 15.28p-44.92p. The outsourcer says around 900 jobs are at risk of redundancy as it begins to conduct employee consultation programmes. Capita expects to deliver cost savings of around £60 million on an annualised basis from the first quarter of next year, with £27 million in exceptional costs related to the job cuts to be recognised this year. The cuts will mostly be ‘indirect support function and overhead roles’, Capita says. ‘The group continues to trade in line with its expectations, delivering positive operational and financial performance and has won contracts with a total contract value of £2.85 billion year to date [from £2.59 billion in 2022],’ it adds.
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SMALL-CAP - LOSERS
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Schroder Real Estate Investment Trust Ltd, down 4.8% at 42.75p, 12-month range 39.15p-50.4p. The UK-focused real estate investment trust reports a slight decline in net asset value, which falls to 60.5 per share at the end of September from 61.5p at the end of March. It also proposes amendments to its investment objective and policy, as well as its management agreement. The changes would formally include sustainability ‘at the centre’ of its investment propositions. ‘As sustainability considerations become even more important for investors and occupiers, we have a strong conviction that it will clearly help to differentiate the company and drive more sustainable, risk-adjusted returns,’ says Chair Alastair Hughes.
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