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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Atrato Onsite Energy PLC, up 20% at 76.54 pence, 12-month range 60.2p-79.6p. The London-based renewable energy investment trust agrees to sell entirety of its solar assets portfolio at a headline price of £218.7 million to a joint venture vehicle owned by Brookfield and RAIM Apollo. The deal will need shareholder approval. Following the disposal, the board intends to seek shareholder approval to voluntarily liquidate the company and distribute net assets back to shareholders. ‘After a detailed analysis, the board determined that a sale of the portfolio to the consortium was the best means of maximising shareholder value against a backdrop of persistently wide share price discounts in the investment trust sector, the subscale nature of the company and consistent shareholder feedback to sell the portfolio,’ says Chair Juliet Davenport.
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Residential Secure Income PLC, up 5.5% at 57.4p, 12-month range 45p-66p. The retirement rental and shared ownership-focused real estate investment trust proposes managed wind-down and portfolio realisation strategy, with capital to be returned to shareholders. Notes market cap of around £101 million means company is of a size which ‘may deter some potential investors due to lower share liquidity’. Chair Rob Whiteman says: ‘The headwinds for smaller listed real estate businesses have been well flagged, and there are no quick fixes. The board and fund manager are focused on maximising returns to all shareholders.’ Shareholders will vote on the proposal at an upcoming general meeting.
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Marston’s PLC, up 7.5% at 43.15p, 12-month range 25.55p-44.7p. The Wolverhampton-based pub operator rises as the stock is placed on ’positive catalyst watch’ by JPMorgan Inc.
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SMALL-CAP - LOSERS
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VP PLC, down 7.7% at 600p, 12-month range 460p-745p. The specialist equipment rental business warns that market headwinds in Construction and Housebuilding and a slower start to Control Period 7 are likely to hold back its annual profit performance. VP’s financial year ends in March. It now expects an annual adjusted profit before tax, amortisation, impairment of intangible assets and exceptional items of around £37 million, which would be behind the prior year’s figure of £39.7 million. Also announces acquisition of 90% majority interest in Charleville Hire & Platform Ltd, an specialist powered access business in Ireland. Will buy remaining 10% over a three-year period. Initial cash consideration is €12.1 million, with a further maximum deferred and earn-out payment of €21.7 million in due course.
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