Archived article
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The following stocks are the leading risers and fallers among London Main Market small-caps on Monday.
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SMALL-CAP - WINNERS
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Majedie Investments PLC, up 1.2% at 251 pence, 12-month range 219p-257p. The investment trust announces results for the financial year that ended September 30. Reports a ‘strong performance’ with a net asset value total return of positive 21.5%, improved from 14.1% the year before. NAV per share with debt at fair value is 285.8p as of September 30, up 18% from 241.6p one year prior. Declared dividend payments total 8.0p per share for the year, up from 7.2p for financial 2023. Also says it is negotiating terms for a revolving credit facility worth up to £15 million. The outstanding debenture of £20.7 million is repayable in March and will not be replaced. Looking ahead, Chair Christoper Getley says: ‘Although global equity markets are close to all-time highs, bond markets more subdued and geopolitical stability appears to be no closer, we believe this presents opportunities as well as risks for Majedie.’
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SMALL-CAP - LOSERS
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Petrofac Ltd, down 12% at 9.00p, 12-month range 7.00p-45.00p. Enters binding lock-up agreement with its key creditors on the terms of its ‘comprehensive restructuring’ of its debt. Restructuring includes material dilution ‘while preserving some value’ for existing shareholders; upsizing a new equity issuance by up to $25 million; a retail offering worth around $8 million in 2025; and converting about $772 million of existing debt into equity. Also, it includes committed new funding of $325 million. This consists of $131 million in new debt backstopped in large part by the Ad Hoc Group, and $194 million in new equity committed by Ad Hoc. After ‘repayment of certain obligations’ this will increase Petrofac’s liquidity by ‘at least’ $195 million.
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