The following stocks are the leading risers and fallers among London Main Market small-caps on Friday.
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SMALL-CAP - WINNERS
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TT Electronics PLC, up 39% at 109.5 pence, 12-month range 73.6p-179p. The Woking, Surrey-based electronic components manufacturer has rejected two takeover offers from Basingstoke, Hampshire-based Volex PLC. Volex, a specialist integrated manufacturer of critical power and data transmission products, made an initial offer of 62.9p in cash coupled with 0.203 of a new Volex share per TT share. Volex on Friday said the bid valued TT shares at 129.0p. It followed this up with an offer valuing TT’s shares at 135.5p. However, per yesterday’s closing price for Volex, the implied value is now 139.6p, a 77% premium to TT’s closing price of 79.0p on Thursday. The second offer valued TT at £248.6 million. Volex said its proposal represents a ‘highly attractive opportunity’ for TT shareholders, but noted that the TT board has declined to engage with its team.
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Pharos Energy PLC, up 3.5% at 22.15p, 12-month range 18.7p-26.8p. Reports buyback of 57,900 shares at average 22.90 pence in London on Thursday. Total value is £13,259. Says that since initiation of the buyback programme announced in July 2022, it has repurchased a total of 29.2 million shares for cancellation at a total cost of £6.9 million.
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SMALL-CAP - LOSERS
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MJ Gleeson PLC, down 3.2% at 538.5p, 12-month range 432p-654p. The housebuilder and land promoter says it continues to expect full-year results in line with current market expectations, reiterating that said results will be more second half-weighted than usual. Says Gleeson Land ‘continues to promote several exciting opportunities’ and expects a full-year result ‘materially ahead of last year’, with multiple significant sales set for completion in the second half. Gleeson Homes meanwhile expects to open 27 sales sites during the year and net reservation rates for July 1 to November 1 rose to 0.56 per site per week from 0.45 the prior year. However it ‘will be selling overall on a lower average number of sites than last year’. Adds that a lack of market conviction continued through Autumn, and the division is still experiencing margin pressures due to ‘higher sales incentives, the impact of multi-unit sales, increased build costs and limited relief from increasing selling prices’.
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