SMALL-CAP WINNERS & LOSERS: Auction Technology rejects 11 buyout bids

Mon, 05th Jan 2026 10:02

(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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Auction Technology Group PLC, up 19% at 320.00 pence, 12-month range 658.00p-259.50p. The London-based auction market operator says its board has unanimously rejected eleven unsolicited takeover proposals from FitzWalter Capital. The firm says the most recent proposal on December 23 was at 360 pence per share in cash. It says the board rejects the proposals on the basis that they "fundamentally undervalue" the company. "The ATG board believes that FitzWalter's proposals represent an opportunistic attempt to acquire the company at a time when ATG's public market valuation is currently disconnected from the company's fair value," it says. The firm adds that FitzWalter's latest proposal came with an irrevocable commitment to announce the terms and nature of its proposals next Monday. The board requests FitzWalter either "make a firm offer on terms which reflect fair value" or confirm its intention not to make a firm offer. FitzWalter is required to make a firm offer or confirm no bid by February 2. ATG says it remains confident in its standalone prospects as a publicly listed company. "The board has undertaken significant engagement with FitzWalter over the past four months. The board believes FitzWalter's proposals fundamentally undervalue the business and that it is time for FitzWalter either to make a proposal which reflects fair value, or otherwise allow the business to dedicate its full focus and resources on the execution of its strategy," says ATG Chair Scott Forbes.

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Capricorn Energy PLC, up 7.2% at 198.30p, 12-month range 341.77p-181.80p. The Egypt-focused oil and gas explorer says working interest production averaged 20,175 barrels of oil equivalent per day in 2025, above the production guidance midpoint of 19,000 boepd. The 2025 exit rate was 21,003 boepd with "recent strong production performance" driven by new development wells drilled since July, Capricorn says. "Notably, gas performance since October has been enhanced by the drilling of BED15-31 which has produced strongly from the Lower Bahariya formation and offers the potential for follow-up wells that will be prioritised in early 2026," the firm says. Capricorn adds that the Egyptian cabinet approved the integrated concession agreement last month. It expects parliamentary approval and formal ratification in the first quarter of 2026. "The company is committed to leveraging the new terms to enhance production and reserves," it says.

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SMALL-CAP - LOSERS

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abrdn Property Income Trust Ltd, down 5.1% at 2.16p, 12-month range 7.42p-1.01p. Shares in the Guernsey-registered UK real estate investor continue to fall. Shares dropped on Friday after UK house price growth cools more sharply than expected. Data from Nationwide show annual house price growth slows to 0.6% in December from 1.8% in November, the weakest pace since April 2024 and below the FXStreet consensus of 1.2%. On a monthly basis, house prices fall 0.4%, reversing a 0.3% rise in November and undershooting expectations for a 0.1% increase.

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By Michael Hennessey, Alliance News reporter

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