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(Alliance News) - 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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RDI REIT PLC, up 33% at 121.40 pence, 12-month range 41.55p-127p. RDI REIT, a London and Johannesburg-listed real estate investment trust, reaches agreement with SOF-12 Cambridge BidCo, a newly formed company owned by London-listed Starwood European Real Estate Finance, regarding a cash offer for the entire issued share capital of RDI REIT worth around GBP467.9 million. RDI REIT's shares will be going for 121.35 pence each, representing a 33% premium to the closing price of 91.2p on Thursday in London. This values RDI's entire issued share capital at around GBP467.9 million. Starwood bought a 30% stake in RDI REIT in July last year. The shares already owned by Starwood will not be bought by its acquisition vehicle. Starwood European Real Estate Finance shares were down 0.2% at 89.40p.
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Alfa Financial Software Holdings PLC, up 6.5% at 138.90p, 12-month range 51.9p-150.49p. The asset finance-focused software developer expects revenue recognition from a recently won contract to be GBP4 million, ahead of management's prior expectations. Back in October, it announced the winning of a five-year extension to a maintenance and licence subscription from an existing client. Initially, when the contract was announced Alfa expected to recognise at least 15% of its value in 2020. However, on further analysis, the company found that some of the revenue from the contract should be accelerated, due to no further work being needed to deliver the licence. This component, which reflects around 40% of the total contract value, will be recognised as a one-off amount on signing the contract for 2020.
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Tullow Oil PLC, up 4.3% at 45.75p, 12-month range 7.17p-47.09p. The oil and gas company agrees with banks on a new debt capacity of USD1.7 billion, down from USD1.8 billion. The reduction reflects six months of production since the September 2020 redetermination and the sale of Equatorial Guinea and Dussafu assets to Panoro Energy. Based on the new debt limit, Tullow said it will have liquidity headroom of free cash and available debt facilities of USD900 million.
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By Lucy Heming;Â lucyheming@alliancenews.com
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