SMALL-CAP WINNERS & LOSERS: Wincanton rises on rival bid potential

Mon, 26th Feb 2024 09:39

(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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Wincanton PLC, up 11% at 499.75 pence, 12-month range 187p-501p. CEVA Logistics UK Rose Ltd says it has reached agreement with the board of logistics provider on the terms of an increased recommended cash offer, amid a potential rival bid. It is now offering 480p per share, a 6.7% increase from its original offer of 450p. The planned takeover under the initial offer was announced last month. Wincanton says it has received an approach from an unnamed potential competing bidder, and is providing due diligence as the potential competing bidder evaluates a possible offer for the company. However, its board continues to unanimously recommend the increased offer from CEVA. CEVA is a subsidiary of CMA CGM, a shipping and logistics company based in Marseille, France

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SMALL-CAP - LOSERS

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International Personal Finance PLC, down 3.0% at 115p, 12-month range 89.39p-134.5p. The company, which offers unsecured consumer credit in nine countries, delays release of its annual results to assess the impact of a change to how the credit card industry is regulated in Poland. The Polish credit card receivables represent just over 5% of the group's receivables and around 25% of overall receivables in Poland, International Personal Finance notes. The company stresses the Polish operation has "an excellent track record" of adapting to the evolving regulatory environment". International Personal Finance says its annual results will reflect a stronger-than-expected trading performance in 2023 and notes this momentum has continued in early 2024.

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Ceres Power Holdings PLC, down 3.7% at 161.8p, 12-month range 135.1p-460.3p. Jefferies slashes its target price for the stock to 190p from 365p, maintaining its 'hold' recommendation. The clean energy technology developer divides opinion, receiving a 'buy' recommendation from UBS and a 'sell' recommendation from Redburn earlier this month.

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By Elizabeth Winter, Alliance News deputy news editor

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