(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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JPMorgan Mid Cap Investment Trust PLC, up 2.4% at 864.00 pence, 12-month range 762p-980p. The FTSE 250-focused investor signs a head of terms with JPMorgan UK Smaller Cos Investment Trust PLC, or JMI, for a combination of the two firms. If approved by shareholders, it would be carried out via a scheme of reconstruction, with part of the company's assets transferred to JMI in return for new shares. There will also be an up to 15% cash exit opportunity offered to shareholders. "The board of the company believes that the transaction will enable shareholders...rolling over into JMI to benefit from, inter alia, continued exposure to a UK long-only equity strategy delivered by one of the leading managers of closed-ended investment vehicles in the UK," the firm says. It says the combination will bring "greater economies of scale" stemming from the enlarged asset base, including cost efficiencies and greater liquidity in JMI's shares. The resulting company will be renamed JPMorgan UK Small Cap Growth & Income PLC. Shares in JMI are down 0.4%.
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SMALL-CAP - LOSERS
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PensionBee Group PLC, down 4.1% at 70.00p, 12-month range 45.51p-115p. The London-based online pension provider retreats after recent gains. On Friday, it said it expects to be adjusted earnings before interest, tax, depreciation and amortisation profitable across the fourth quarter of 2023 and across full-year 2024, with a "robust" cash balance of over GBP12 million. The stock is still up 9.0% over the past five days.
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By Elizabeth Winter, Alliance News senior markets reporter
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Pensionbee (PBEE)