(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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International Biotechnology Trust PLC, up 1.2% at 728.40 pence, 12-month range 563.00p - 744.00p. The investor's fund manager and alternative investment fund manager, SV Health Managers LLP, informs the company that it wants to focus on its core healthcare venture business. The two firms agree that SV Health's fund managers Ailsa Craig and Marek Poszepczynski will continue to manage the quoted portfolio, and Kate Bingham and Houman Ashrafian will continue to manage the unquoted assets. SV Health will continue to provide investment management services to IBT following termination of the investment management agreement with respect to IBT's current portfolio of unquoted assets. An independent review begins to review the company's options.
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SMALL-CAP - LOSERS
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East Star Resources PLC, down 13% at 3.93 pence, 12-month range 2.80p - 6.40p. The copper and gold explorer announces results from diamond drilling on the Apmintas licence of the Chu-Ili Orogenic gold belt in Kazakhstan, showing anomalous gold mineralisation in all three target areas. Results also show potential economic grade in the Eshkilitau II and Southern Shabdar targets. Best gold intersections include: 3 metres at 1.43 grams per tonne from 48.9 metres from Southern Shabdar, and 31 metres at 1.0 grams per tonne from 61 metres from Eshkilitau II. Chief Executive Alex Walker says: "The company has commenced detailed structural logging over mineralised sections of oriented core to better understand structural controls and timing of mineralisation. This will expand our knowledge of the mineralisation system for the planning of subsequent exploration.''
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Non-Standard Finance PLC, down 9.8% at 0.43 pence, 12-month range 0.40p - 3.63p. The consumer lending firm says talks with advisors and regulator the UK Financial Conduct Authority are progressing regarding a potential scheme of arrangement. If the scheme is sanctioned, the company intends to proceed with a capital raise for the payment of customer redress, as well as to recapitalise the remaining group and enable its Everyday Loans business to move forward with its growth plan. The capital raise will "materially dilute" the interests of existing shareholders. However, if the proposed capital raise is unsuccessful, Non-Standard Finance says its balance sheet will remain "deeply insolvent". "In the event that the scheme of arrangement is not sanctioned by the court, or in the event that the subsequent recapitalisation of the business fails, there would then be a very significant likelihood of a group-wide insolvency (most likely administration), resulting in no return for current shareholders and a significantly reduced return for secured lenders," it says.
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By Heather Rydings, Alliance News senior economics reporter
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East Star Reso (EST)
Int.biotech. (IBT)