Up-for-sale packaging group API (API:AIM) fell 16% to 75.5p as investors were disappointed with the potential takeout price. The company revealed that indicative proposals were below Thursday's closing price of 90p.
South East Asia-based Triple Plate Junction (TPJ:AIM) dipped 15% to 0.53p after large cap joint venture partner Newmont (NEM:NYSE) said it wouldn't provide any funding for the two parties' Morobe exploration prospect. Triple Plate said it was also in talks with another partner, Barrick Gold (ABX:NYSE), over its commitment for the joint Wamum project. The small cap miner caused a flurry of excitement a few years ago when it began exploration with a series of large cap miners on ground near significant metal discoveries, taking the shares above 7.5p in early 2011. Investors had hoped these bands of mineralisation extended into Triple Plate's licence areas but this has, so far, not proved the case. This highlights the inherent risks with speculative mining stocks.
Another investor favourite, Quercus Publishing (QUPP:ISDX), has also failed to live up to expectations. It has issued a major profit warning after poor end-of-year trading. Previously in vogue for publishing the best-selling Girl with the Dragon Tattoo series, Quercus has struggled to find another blockbuster. It was impacted in 2012 by the non-delivery of a key Christmas title and lower-than-expected orders for other books.
Small cap asset manager Miton (MGR:AIM) jumped 5% to 30p after news that 2012's full-year results would beat expectations, benefiting from well controlled costs. Stockbroker Peel Hunt increases its price target by 10% to 34p upon increased confidence about trading prospects.
An upbeat trading statement pushed up software group Globo (GBO:AIM) by another 6% to 29.5p with the financial performance ahead of market expectations. This means the stock has now risen by 48% so far this year, driven by a major contract win in late December.