(Alliance News) – The following stocks rose and fell the most among small caps on the London Main Market on Monday.
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SMALL CAP – WINNERS
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Majedie Investments PLC, up 1.2% to 251 pence, 12-month range 219p-257p. The investment fund announces its results for the financial year which ended September 30. It reports a “strong performance” with a total return on net asset value of 21.5%, an improvement from 14.1% the previous year. The net asset value per share with debt at fair value is 285.8 pence as of September 30, up 18% from 241.6 pence a year earlier. Dividend payments declared amount to 8.0 pence per share for the year, compared to 7.2 pence for the 2023 financial year. The company also says it is negotiating the terms of a revolving credit facility of 'worth up to £15 million. The outstanding bond of £20.7 million is repayable in March and will not be replaced. Looking ahead, Chairman Christoper Getley says: “While global stock markets are near all-time highs, bond markets are more subdued, and geopolitical stability appears 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% to 9.00p, 12 month range 7.00p-45.00p. The company has reached a lock-in agreement with its main creditors on the terms of the “complete restructuring” of its debt. The restructuring includes material dilution “while preserving some value” for existing shareholders; increasing a new share issue up to USD 25 million; a retail offer of approximately 8 million USD in 2025; and the conversion of approximately USD 772 million of existing debt into equity. It also includes new committed financing of USD 325 million. This involves new debt of USD 131 million guaranteed largely by the Ad Hoc group, and USD 194 million of new equity committed by Ad Hoc. After the “repayment of certain bonds”, this will increase Petrofac's liquidity by “at least” 195 million USD.
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By Emma Curzon, journalist at Alliance News
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