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(Alliance News) - The following stocks are the leading risers and fallers among London Main Market small-caps on Tuesday.
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SMALL-CAP - WINNERS
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River & Mercantile Group PLC, up 20% at 283.60 pence, 12-month range 145.50p-301.00p. Shares in the advisory and asset management firm hit 12-month high after Schroders PLC bought its solutions business in a deal worth around GBP230 million. The sale is expected to complete in the first quarter of 2022, Schroders says, and is subject to approval by R&M shareholders and regulators. Schroders shares are up 1.7%.
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Saga PLC, up 2.5% at 319.00p, 12-month range 127.30p-464.60p. The chief executive insurance to holiday provider Euan Sutherland admits the business failed to modernise during years of private equity ownership, and must change. His comments came as the chief executive of the 70-year-old company unveiled a rebrand in the hope of changing perceptions of older generations. Sutherland hopes to address the issues with the rebrand under which the company wants to see older generations as "experienced" rather than just "old".
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SMALL-CAP - LOSERS
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Petrofac Ltd, down 22% at 122.80p, 12-month range 90.66p-203.34p. The oilfield services firm reports a widened pretax loss for the first half of 2021 and booked a USD106 million provision related to the penalty imposed by a UK court on bribery offences. For six months to June 30, revenue falls to USD1.60 billion from USD2.10 billion last year as pretax loss widens to USD91 million from loss of USD48 million. Separately, says it is to raise USD275 million via a share placing and open offer and will use funds to pay the UK Serious Fraud Office fine and existing debt. Petrofac is placing 87.1 million new shares at 115.00 pence each, a 27% discount to Monday's closing price of 158.00p.
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James Fisher & Sons PLC, down 2.0% at 495.76p, 12-month range 475.00p-1,323.42p. Shares in the marine services provider fall to fresh 12-month low as Peel Hunt downgrades the stock to Hold from Buy. James Fisher closed down 35% on Monday after it announced further delayed projects, an increase in bad debt risk and a downgrade to guidance for its badly performing Tankships division.
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By Arvind Bhunjun; arvindbhunjun@alliancenews.com
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