SMALL-CAP WINNERS & LOSERS: Pantheon Infrastructure notes Calpine deal

Mon, 13th Jan 2025 11:10

(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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Pantheon Infrastructure PLC, down 0.1% at 91.7 pence, 12-month range 73.4p-95p. Updates in relation to its investment in Calpine Corp, noting that Constellation Energy Corp has agreed to acquire Calpine. Baltimore, Maryland-based electricity firm Constellation said on Friday that it will acquire Houston, Texas-based Calpine, which specialises in energy production from low-emission natural gas, in a cash and stock transaction valued at around USD16.4 billion based on Constellation's 20-day volume-weighted average share price of USD237.98 at that time. Pantheon says completion "remains subject to various regulatory clearances and approvals, which are expected to occur within 12 months". Assuming the valuation is reflected in Pantheon's net asset value, it expects an approximate 3p per share increase to its NAV. Pantheon says it invested about USD54 million, or GBP46 million in Calpine as part of a direct secondary transaction with Energy Capital Partners announced in June 2022.

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SMALL-CAP - LOSERS

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Schroder European Real Estate Investment Trust PLC, down 1.2% at 59.9p, 12-month range 59.9p-73p. The European growth city-focused real estate investor says its direct investment portfolio was independently valued at EUR194.6 million as of the fourth quarter's end on December 31, 0.9% lower on a like-for-like basis compared to the end of the third quarter. Notes that it has sold its Frankfurt grocery asset for EUR11.8 million, and expects this to complete in the first quarter of 2025. Its sole retail asset is now a DIY store in Berlin. Schroder European's industrial portfolio is up 2.2%, by EUR1.6 million, "driven by positive investment sentiment translating into stronger investment volumes and yield compression". Office portfolio valuations declined 2.4%, by EUR1.9 million. Says however that its industrial portfolio offset declines in other sectors.

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By Emma Curzon, Alliance News reporter

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