The following stocks are the leading risers and fallers among London Main Market small-caps on Friday.
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SMALL-CAP - WINNERS
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Wincanton PLC, up 48% at 439 pence, 12-month range 187p-440p. The Wiltshire, England-based logistics provider agrees on the terms of a recommended cash takeover offer from CEVA Logistics UK, a subsidiary of CMA CGM, a shipping and logistics company based in Marseille, France. The offer is for 450 pence a share, valuing Wincanton at £566.9 million on a fully diluted basis, with an enterprise value including debt of around £764.9 million. The offer price represents a 52% premium to Wincanton’s closing price of 297p on Thursday. ‘The intended acquisition of Wincanton represents an attractive growth opportunity that is in line with Ceva’s expansion strategy. It is a unique opportunity to expand Ceva’s offering in the UK, and to acquire complementary grocery and consumer expertise,’ the firms say. The takeover offer is subject to approval by Wincanton shareholders at a general meeting that is yet to be announced.
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SMALL-CAP - LOSERS
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Custodian Property Income REIT PLC, down 11% at 71p, 12-month range 71p-95.2p. Custodian Property Income agrees an all-share merger with abrdn Property Income Trust Ltd to create a real estate investment trust with combined assets of £1.0 billion. abrdn Property Income shareholders will receive 0.78 of a new Custodian Property Income share for each share held. Based on Custodian’s closing share price on Thursday of 79.6 pence, the deal values abrdn Property Income shares at 62.1p and the entire company at £237 million. abrdn Property Income shares jump 10% to 53.03p.
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Ceres Power Holdings PLC, down 5.0% at 197.60 pence, 12-month range 135.1p-518p. The clean energy tech developer’s shares return some gains after jumping 36% on Thursday. Ceres had announced the signing of its first hydrogen licence with Taiwan’s Delta Electronics. The agreement covers the manufacturing collaboration and licensing of both solid oxide electrolysis cell and solid oxide fuel cell stack production. It will bring in £43 million in revenue to Ceres, half of which is expected to be recognised in 2024.
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