Source - Alliance News

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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Aura Renewable Acquisitions PLC, up 8.0% at 5.94 pence, 12-month range 5.00p - 18.50p. The renewable energy sector-focused special-purpose acquisition company moves into its first full year of operation and says it is continuing to explore a range of target acquisitions and investments. Expects supply chain, inflation and interest rates issues to be ‘less of a dampening factor’ on its corporate activity in 2023. ‘[We] believe that capital market activity and fundraisings will slowly recover as the year progresses. Hostilities in Europe and further afield, the lingering impact of Covid, especially in China, are still causes for concern, as is the irrefutable and increasingly evident daily impact of climate change,’ says Chair John Craft.

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SMALL-CAP - LOSERS

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Amigo Holdings PLC, down 19% at 3.16 pence, 12-month range 1.63p - 10.00p. The Bournemouth-based guarantor loan provider begins a marketing process to raise equity and debt to support its growth plans and meet conditions of its scheme of arrangement. Amigo secures term sheets for debt facilities which it believes are capable of execution following further discussions with lenders. However, to-date it has been unable to secure a commitment from a ‘cornerstone investor’ to underwrite the whole of its capital raise. Amigo is therefore assessing whether there is sufficient interest for a syndicate of such investors to be formed in order to support a £45 million capital raise. If the capital raise is not completes, Amigo says it will revert to the fallback solution outlined in the scheme of arrangement, which is an wind-down of the business. The scheme allows Amigo to pay compensation to customers with a valid claim for redress for mis-sold loans prior to November 2020.

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Petra Diamonds Ltd, down 5.3% at 96.64 pence, 12-month range 72.00p - 139.00p. The diamond miner reports production fell by a double-digit percentage in the first half of its financial year. In the six months that ended December 31, diamond production drops by 21% to 1.4 million carats due to lower grades at the Cullinan mine, lower tonnes mined at the Finsch mine, and production suspensions at the Williamson and Koffiefontein mines. Consequently, interim revenue totals $212.1 million, down 20% from $264.7 million the year prior. Looking forward, Petra Diamonds says it expects production at the Cullinan mine to hurt for the remainder of financial 2023 and financial 2023. Nonetheless, the firm says it is ‘cautiously optimistic’ due to expected resilience of the luxury goods market alongside the relaxing of lockdown restrictions in China.

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Petra Diamonds Limited (PDL)

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