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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Palace Capital PLC, up 1.9% at 220 pence, 12-month range 195p-295p. The university town and city centre-focused property investor announces disposals of all but one of its industrial properties, generating £34.0 million in proceeds to pay down debt. ‘The disposal of the majority of the company’s industrial portfolio is a significant step forward in reducing its debt and [loan-to-value] and means we can remain focussed on maximising cash returns to shareholders,’ Interim Executive Chair Steven Owen says. Also updates on its recent trading, noting 99% rent collection for the year to March 31, while occupancy is steady at 87.7% compared to 88.5% a year before.
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SMALL-CAP - LOSERS
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LSL Property Services PLC, down 3.7% to 292.62p, 12-month range 211p-405p. The Newcastle-based estate agency returns some of Thursday’s gains, after it had announced a ‘milestone’ in its strategy. LSL on Thursday said its entire owned estate agency network, consisting of 183 branches, will become franchises. ‘Following completion of these agreements, LSL will become one of the largest providers of estate agency franchise services in the UK, supplying services to a network of just over 300 branches,’ it had explained, touting the significant cost savings of the move, and its potential accretion to earnings from 2024 onward.
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Riverstone Energy Ltd, down 0.7% at 560.01p, 12-month range 530.4p-750p. The US, Canada, Europe and Australia-focused investment company, with assets in the energy industry, reports a net asset value per share of $13.60 at March 31, falling 6% from December 31. Says the decline is due to fall in fair value of Hammerhead, Enviva, GoodLeap and Anuvia investments, partially offset by gains in Permian Resources investment. ‘While the first quarter presented challenges, in particular with respect to the decarbonisation portfolio, I have no doubt that REL’s investments will benefit from the tailwinds anticipated by the entire decarbonisation sector given renewed regulatory support in the US, UK, and EU,’ says Chair Richard Horlick.
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