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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GCP Asset Backed Income Fund Ltd, up 8.1% at 64.61 pence, 12-month range 51.20p-87.00p. The UK asset backed loan investor says it will be launching a strategic review to consider ‘how it may best deliver value to shareholders.’ In September, GCP said it has ended merger discussions with GCP Infrastructure Investments Ltd. ‘The decision to commence the strategic review follows extensive engagement by the company with its shareholders in connection with the merger discussions with GCP Infra, through which shareholders expressed views on both the proposed merger and the future of the company. Further, the board is mindful of the importance of market liquidity to many shareholders, the discount to asset value at which the company’s shares trade and the limited scope for growing the company under current market conditions,’ GCP says.
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Ferguson PLC, up 0.7% at 14,640.00, 12-month range 9,892.00p-14,650.00p. SocGen raises the heating and plumbing products distributor’s price target to 14,764p from 12,834p. SocGen kept its rating at ’hold’. It is also Ferguson’s ex-dividend payment date on Thursday.
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SMALL-CAP - LOSERS
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ICG-Longbow Senior Secured UK Property Debt Investments Ltd, down 3.2% at 20.18p, 12-month range 20.00p-55.50p. The investor in UK real estate debt says it has received repayment in full of the outstanding balance of its Northlands loan, totalling £500,000. The loan has been repaid through a series of property sales over the past 12 to 18 months. ‘Conditions in the UK property markets remain sluggish,’ says ICG-Longbow. ‘As a consequence, realising the company’s remaining investments continues to be challenging. All remaining investments are now subject to enforcement processes and the board and investment manager are focused on pro-actively managing the assets to support income and value during the sales processes.’
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