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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Foresight Sustainable Forestry Co PLC, up 29% at 94.42 pence, 12-month range 58.00p-106.00p. Foresight Sustainable Forestry says it has agreed to a takeover by Averon Park Ltd, a firm seeking opportunities to commit capital to trading businesses. Averon Park offered 97 pence per share to the forestry investment trust managed by Foresight Group LLP, a premium of 33% to Foresight’s closing price of 73.0p each on Tuesday. Foresight Sustainable’s directors consider the terms of the offer fair and reasonable, having been advised by brokers Stifel. The offer values Foresight Sustainable around £167 million. The companies expect the takeover to become effective in the third quarter of 2024. Foresight Sustainable Chair Richard Davidson says: ‘The offer from Arizona Bidco is at a price that represents a significant premium to the volume weighted average price for the past three months. We believe this offer represents good value for shareholders, and therefore we are recommending it. The structure of the deal means investors can continue to participate in the compelling investment fundamentals presented by the forestry and carbon credit industries through a private structure.’
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On the Beach Group PLC, up 3.5% at 142.60p, 12-month range 81.24p-181.60p. Berenberg increases its rating for the beach holidays retailer to ’buy’ from ’hold’.
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SMALL-CAP - LOSERS
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CT UK Capital & Income Investment Trust PLC, down 1.8% at 330.01p, 12-month range 266.58p-340.00p. The investment trust reports results for half year ended March 31. CT UK recorded a NAV return of 12.9% in the period, up from 12.4% a year ago and higher than the FTSE All-Share’s 6.9%. CT UK announces interim dividend of 5.70p, up 3.6% from 5.50p a year earlier. Chair Jane Lewis says: ‘The board is pleased that the company continues to demonstrate that it offers shareholders a reliable income while at the same time seeking to grow the size of their investment.’
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