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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Canadian Overseas Petroleum Ltd, up 1.9% at 5.99 pence, 12-month range 4.50p - 35.00p. The Wyoming, US-focused oil and gas explorer signs purchase agreements with current stakeholders and a new institutional investor for an increase in its 2024 bonds and 2025 bonds, with a total amount of $13.6 million committed. The convertible financing is meant to sufficiently fund the company for production growth, while allowing management to ‘optimally conclude’ their reserves-based lending and joint-venture negotiations, COPL says. A further undrawn element has been made available by the company’s main bondholder to ensure COPL will be appropriately funded into 2024.
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SMALL-CAP - LOSERS
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Dialight PLC, down 4.6% at 190.80 pence, 12-month range 190.80p - 385.03p. The London-based industrial LED lighting firm says Qinetiq Group PLC Chair Neil Johnson will become its own non-executive chair on May 17, replacing outgoing chair David Thomas, following the conclusion of its annual general meeting on May 16. Notes that Johnson also is currently chair at the AIM-listed online retail platform Unbound Group PLC.
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Bluebird Merchant Ventures Ltd, down 2.6% at 1.85 pence, 12-month range 1.10p - 2.85p. The South Korea-focused resource company receives the full proceeds of its recent £1.2 million placing. Company issues 37.8 million shares, while 23 million shares transfer from Momentum Resources, to ensure placing subscribers receive the full 60.8 million shares. The arrangement with Momentum Resources was put in place after it was discovered that there wasn’t sufficient headroom for Bluebird Merchant to issue more shares. Momentum Resources will receive no consideration, interest or other benefit from the transfer of the pledged shares, but Bluebird Merchant will issue Momentum Resources with 23 million shares either upon publication of a new prospectus or when there is sufficient headroom.
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