The following stocks are the leading risers and fallers among London Main Market small-caps on Wednesday.
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SMALL-CAP - WINNERS
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Hyve Group PLC, up 12% at 111.20 pence, 12-month range 49.50p-113.00p. The events organiser agrees to a £320 million takeover from investor Providence Equity Partners LLC. The bid values each Hyve share at 108p, a 41% premium to its 77p stock price the day before it received an approach from Providence back in February. The takeover offer gives Hyve an equity value of £320 million and an enterprise value of £481 million. Providence made an approach back in February, pitching a bid of 105p per share. Shares hit this 12-month high on Wednesday.
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Bloomsbury Publishing PLC, up 8.0% at 453.50 pence, 12-month range 348.00p-492.50p. The London-based publisher, which published titles in the Harry Potter book series, expects annual ‘revenue comfortably ahead and profit materially ahead of expectations’. Revenue of £260 million is expected, and pretax profit before ‘highlighted items’ is to amount to £30 million for the financial year that ended February 28. It puts consensus market expectations at £242.6 million for revenue and £26.9 million for profit. If the guided figures are achieved, it would represent revenue growth of around 13% from £230.1 million and profit growth of 12% from £26.7 million.
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Seraphim Space Investment Trust PLC, up 1.1% at 43.00 pence, 12-month range 42.66p-109.80p. The space technology investment firm says it does not bank with collapsed Silicon Valley Bank, nor does its manager Seraphim Space Manager LLP. ‘Eight portfolio companies use SVB as their primary banking provider. The company does not anticipate that the recent SVB events will have any impact on the company’s NAV,’ Seraphim adds.
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SMALL-CAP - LOSERS
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Metro Bank PLC, down 6.5% at 114.40p, 12-month range 67.70p-157.80p. Shares in the lender decline after a 6.4% share price rise on Tuesday, when markets were in a more risk-on mood after previously sliding amid SVB worries.
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