(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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Dignity PLC, up 8.5% at 545.50 pence, 12-month range 318.5p-739.11p. The funeral provider accepts a takeover offer from a consortium of existing shareholders, valuing the firm at GBP281 million. Dignity says its directors will unanimously recommend shareholders vote in favour of the 550p per share offer from SPWOne V Ltd, Castelnau Group Ltd and Phoenix Asset Management Partners Ltd, who already hold a 29% stake in the company. The offer is a premium of 29% to the closing price on January 3, before takeover talks were announced.
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Saga PLC, up 3.1% at 155.1p, 12-month range 71.1p-329.6p. The over-50s travel operator confirms it is seeking buyers for its in-house insurance underwriting business, following a report by the Sunday Times. Saga says it is in discussions for a possible disposal of Acromas Insurance Co Ltd, the underwriter within its larger home and motor insurance business. However, Saga says it remains committed to providing insurance to its customers. Saga notes that Acromas underwrites 25% to 30% of its overall insurance business. Selling it would move the risk associated with those policies elsewhere.
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SMALL-CAP - LOSERS
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Fuller, Smith & Turner PLC, up 2.4% at 482p, 12-month range 410.31p-738p. The pub and hotels business says it estimates a GBP4 million hit to sales due to the impact of rail strikes since October, and now expects profit to be below market expectations for its full year. Sales for the four-week Christmas and New Year period were 5% behind the same four weeks in pre-pandemic 2019. However, notes festive sales were 38% ahead the previous year, which was hit by Covid restrictions. In the 43 weeks to January 21, sales were up 20% year-on-year, but 3% behind the same period of 2019. "While it is frustrating that the train strikes have set back our reported sales and earnings, it is reassuring that we are achieving our anticipated sales trajectory in periods unaffected by strikes," says Chief Executive Simon Emeny.
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By Elizabeth Winter, Alliance News senior markets reporter
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