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SMALL-CAP WINNERS & LOSERS: Jupiter Green IT to propose liquidation

Thu, 19th Dec 2024 11:12

(Alliance News) - The following stocks are the leading risers and fallers among London Main Market small-caps on Thursday.

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SMALL-CAP - WINNERS

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Jupiter Green Investment Trust PLC, up 2.2% at 233 pence, 12-month range 177.5p-233p. Reports diluted net asset value per share of 269.46 pence at September 30, up from 263.13p at March 31. Says it has swung to a pretax return of GBP1.2 million for the six months that ended September 30, compared with a GBP5.6 million loss the year before. Also says the board is proposing a scheme of reconstruction and voluntary liquidation. Chair Michael Naylor explains: "Whilst the board has taken steps to enhance value for shareholders through the ongoing share buyback programme, we have nonetheless concluded that due to the structural nature of the company's challenges – in particular the persistent discount to net asset value and relatively low liquidity that prevents larger investors from buying company shares – the interests of shareholders are best served through a reconstruction that also provides our shareholders with the option of continuity for those wishing to retain exposure to the compelling opportunities presented by the environmental solution thematic."

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SMALL-CAP - LOSERS

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Kenmare Resources PLC, down 2.9% at 313.75p, 12-month range 294p-399p. The titanium minerals and zircon producer, which operates the Moma titanium minerals mine in northern Mozambique, has not yet reached a conclusive resolution on the renewal of Moma's implementation agreement. Says it has been "engaging constructively with the government of Mozambique regarding the extension" and has agreed in principle to "certain modifications to the applicable investment regime". However it now expects the extension timetable to extend beyond Saturday. However, the relevant government agency has indicated that Kenmare's existing rights "remain in full force" and that the company can for now process minerals and export the final products as usual. Managing Director Tom Hickey says: "We are pleased that the government has provided confirmation of our ability to continue to operate under our existing terms during this interim period and that the process can be concluded in an orderly manner. Kenmare has always taken a long-term view on our operations and relationships in Mozambique and is very proud of the meaningful contribution we have made to our host country."

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By Emma Curzon, Alliance News reporter

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