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(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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Medica Group PLC, up 33% at 212.03 pence, 12-month range 118.25p - 213.00p. The telemedicine services provider reaches an agreement with Moonlight Bidco, a wholly-owned subsidiary of private equity firm IK Investment Partners, on a takeover. Moonlight will acquire the Medica for 212 pence per share in cash. The deal values all of the company at GBP269 million. The price per share represents a 33% premium to Medica's closing price of 160.0p per share on Friday. The directors of Medica say the terms of the acquisition reflect the strength of its business and prospects. Says it intends to unanimously recommend that Medica shareholders approve the takeover.
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THG PLC, up 8.9% at 97.16 pence, 12-month range 31.15p - 159.24p. The e-commerce retailer names Sue Farr as its new senior independent director, amid takeover talks. Dean Moore, who has been undertaking the role of senior independent director on an interim basis, will remain as interim chair of the audit committee. THG has made headlines in the past week, amid takeover talks. On Monday last week, THG said it had received a buyout proposal from US private equity firm Apollo Global Management Inc. THG noted that it is "a highly preliminary and non-binding indicative proposal", but did not disclose the terms of the proposal. Apollo now is required to announce its intention to make an offer or walk away by May 15. THG did not provide an update on takeover talks on Monday.
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SMALL-CAP - LOSERS
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South32 Ltd, down 5.5% at 223.50 pence, 12-month range 193.20p - 299.00p. The diversified miner downgrades its annual production guidance for some of its operations, after running into setbacks in the third quarter of its financial year. The Perth, Australia-based firm reports production was below plan in the third quarter due to poor weather and other temporary hiccups. Alumina production falls by 8.8% to 1.23 million tonnes for the three months that ended March 31 from 1.35 million tonnes in the second quarter. Year-on-year, output is down 3.1% from 1.31 million tonnes in the same period last year. Over this recent period, aluminium production declines by 3.5% to 279,000 tonnes from 289,000 tonnes the quarter prior. Production is 15% lower from 243,000 tonnes a year before. Payable copper production is at 15,500 tonnes, down 18% from 18,900 tonnes in the second quarter but more than doubled from 8,400 tonnes a year before. Manganese ore production is down 16% to 1.261 million wet tonnes from 1.477 million wet tonnes. Year-on-year, it falls by 22% from 1,206 million wet tonnes. "Several operations faced challenging conditions during the quarter, with production guidance revised down as a result," South32 Chief Executive Graham Kerr says.
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By Heather Rydings, Alliance News senior economics reporter
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