The following stocks are the leading risers and fallers among London Main Market small-caps on Thursday.
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SMALL-CAP - WINNERS
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Riverstone Energy Ltd, up 13% at 902.00 pence, 12-month range 510.10p-960.00p. The energy infrastructure and energy transition credit investor proposes a $200 million tender offer of shares priced at £10.50 each. The tender price represents a premium of approximately 31% to the closing market price per ordinary share of £8.00 on Thursday. The company expects to launch the tender offer before the end of this month and that it will close during March.
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SMALL-CAP - LOSERS
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Digital 9 Infrastructure PLC, down 13% at 20.30p, 12-month range 17.34p-88.40p. Back in November, the investor had announced the sale of its stake in the Verne Group for up to $575 million. The disposal of the data group to funds managed by Ardian France SA comprises $440 million in cash, split between $415 million payable on closure of the deal and deferred consideration of $25 million. On Thursday, Digital 9 says the Icelandic anti-trust authority, the body responsible for providing the Icelandic regulatory approval, has decided to open a phase 2 investigation into the Verne transaction. ‘Under the relevant applicable law, the period for the phase 2 investigation is up to 90 working days which can be extended to 135 working days. The Icelandic anti-trust authority is not obliged to use the full period to conclude its review,’ Digital 9 notes.
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James Fisher & Sons PLC, down 9.0% at 304.00p, 12-month range 257.00p-427.50p. The marine services firm’s falls, following a trading update. It says underlying trading in the second half of 2023 was ‘resilient’ and in line with market expectations. Performance trends across all divisions through the second half were generally consistent with the first half. Chief Executive Officer Jean Vernet says: ‘With the steps we have taken to improve our operational and financial performance, I am encouraged by the progress across the three divisions. We are building the foundations for recovery and are seeing the benefits of the operational improvements being implemented. We remain fully committed to our ongoing portfolio simplification, which should further strengthen our balance sheet, as well as the investment in capability that will provide a platform for sustainable growth.’
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