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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Ground Rents Income Fund PLC, up 34% at 30.58 pence, 12-month range 19.40p-35.00p. Victoria Property Holdings Ltd says it has made a £32.5 million offer to acquire Ground Rents, a real estate investment trust. At 34.00p per share, the offer is a 49% premium to the Ground Rents closing price of 22.90p on Tuesday. Victoria Property, part of the real estate investment and development firm Martin Property Group, says it has submitted three non-binding indicative offers. ‘All three of the prior offers were at premiums to the GRIO share price at the time made and we believe they would have provided an attractive exit opportunity for all GRIO shareholders. The third of the prior offers was also of 34.00 pence,’ Victoria Property says. ‘Despite increasing our indicative offers on two occasions, the board has declined to engage with Victoria Property and rejected each of the prior offers.’
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ProCook Group PLC, up 14% at 43.85p, 12-month range 16.63p-43.85p. The kitchenware brand says its trading in its peak trading period was ‘strong’. Revenue in the third quarter to January 5 rises 11% on-year to £25.6 million, with like-for-like revenue up 3.4%. ‘We have delivered a strong trading performance in the important peak period, continuing to outperform the market, whilst providing excellent-rated service to our growing customer base. Performance was particularly strong in the later part of the quarter as a result of the actions we took to elevate our Black Friday and Christmas campaigns this year, supported by improved promotional and seasonal product ranges, and stronger inventory levels,’ Chief Executive Officer Lee Tappenden says. ‘This performance was in line with our expectations for the full year which, notwithstanding ongoing consumer uncertainty, reflects the typical benefit from second-half weighting of revenue and profitability, combined with our retail network expansion, margin improvements and ongoing cost discipline.’
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Topps Tiles PLC, up 6.7% at 39.70p, 12-month range 37.20p-49.60p. It reports an improved trading performance during the first quarter. The Leicester, England-based tile specialist reports a 4.6% rise in sales in the quarter ending December 28. It attributes the improved sales to trade revenue growth at both Topps Tiles and Pro Tiler tools during the quarter. Topps Tiles also announces that Parker will retire from the company, but said he will remain in the post until a successor has been appointed.
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SMALL-CAP - LOSERS
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Close Brothers Group PLC, down 2.2% at 221.20p, 12-month range 179.83p-800.00p. Shares in the bank, broker and asset manager continue to struggle after a 2.9% fall on Tuesday. On Tuesday, it said Group Finance Director Mike Morgan will succeed Adrian Sainsbury as chief executive officer, effective from Monday. Shares are down some 70% over the past 12 months.
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