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(Alliance News) - The following stocks are the leading risers and fallers among London Main Market small-caps on Tuesday.
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SMALL-CAP - WINNERS
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Moonpig Group, 429.60 pence each, 23% higher than its IPO price. Moonpig Grup shares began trading in London on Tuesday, with the online greeting card retailer sizing up inclusion in the FTSE 250 index. Moonpig priced its initial public offering at 350p per share, issuing 5.7 million new shares, raising GBP20 million, with existing investors selling 134.6 million shares. It meant the total offer size was GBP491.2 million. On admission, the company had a market capitalisation of around GBP1.2 billion. In conditional dealings Tuesday morning, Moonpig shares shot up to 429.60, 23% higher than its IPO price, giving it a market value of around GBP1.47 billion. Unconditional dealings begin on Friday. Moonpig has thrived while high-street peers such Clintons and Paperchase have struggled due to lockdown measures forcing closures and emptying high streets across the UK.
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Metro Bank, up 4.8% at 123.45p, 12-month range 57.36p-240.80p. The high street bank said it has acquired at par value a portfolio of peer-to-peer loans invested through the RateSetter platform. Metro Bank acquired RateSetter for up to GBP12.0 million in cash back in August. The loan book, the lender explained on Tuesday, was acquired from peer-to-peer investors who have invested through the RateSetter platform. Metro Bank will fork out up to GBP384 million for the portfolio of unsecured consumer loans. The portfolio has a total book value of GBP384 million with an average total gross yield of around 8%.
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Raven Property Group, up 3.6% at 27.47p, 12-month range 23.15p-50p. The Russia-focused commercial property said it had completed a share placing as part of the proposed deal that will see Invesco Asset Management sell its entire stake in the company. These 46.8 million existing ordinary shares were priced at 21.6 pence each. As part of this plan, the placing of 31 million existing preference shares has been completed at 90.8p apiece. One of the aims of this proposed transaction is to provide for a structure that allows Invesco - which held 156.6 million ordinary shares and 63.5 million preference shares - to sell its entire shareholding in the Raven. Last Tuesday, as part of this proposed deal, Raven said 100.0 million ordinary shares and 32.5 million preference shares will be acquired by a newly formed joint venture vehicle, comprising of the company and the company's executive directors and certain senior executives - who were unnamed. Raven said that upon completion of the placing and the purchase of the Invesco shares being acquired by the company and the newly formed joint venture vehicle between the company and executive management, Invesco will no longer hold any ordinary shares or preferences shares in the company.
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SMALL-CAP - LOSERS
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GYG, down 3.7% at 75.15p, 12-month range 48.80p-90.00p. The yacht maintenance company said it expects earnings for 2020 below expectations due to a reduction in revenue caused by project delays in the fourth quarter. GYG stated it expects to post annual revenue of EUR58.5 million, down 8.3% from EUR63.8 million recorded in 2019, with adjusted earnings before interest, tax, depreciation, and amortization to be marginally below current market expectations. It also added it expects to recognise additional Covid-related exceptional costs incurred during the fourth quarter. Adjusted Ebitda for 2019 was EUR4.5 million. London-based GYG said its performance was hurt by lockdown and travel restrictions across Europe and the US throughout the year.
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By Arvind Bhunjun; arvindbhunjun@alliancenews.com
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