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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Gulf Marine Services PLC, up 6.5% at 17.27 pence, 12-month range 14.44p-21.95p. The operator of self-propelled self-elevating support vessels for the offshore energy industry wins a contract spanning 985 days. It covers two of its largest vessels in Europe and will support offshore operations across the region. ‘Following this award, GMS’s contracted backlog increases to $540 million,’ it adds.
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Saga PLC, up 0.7% at 389.30p, 12-month range 108.28p-391.00p. Shares in the provider of travel and insurance services for people over 50 hit this 12-month high on Tuesday, as end of year burst for the shares continues. Saga shares are up roughly 50% over the past month and are on a seven-day winning streak.
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SMALL-CAP - LOSERS
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Videndum PLC, down 53% at 14.50p, 12-month range 13.05p-159.40p. Shares hit this 12-month low on Tuesday as the provider of broadcasting hardware and software says a planned refinancing will, if successful, see current shareholdings ‘very significantly diluted’. Videndum says the main components of a refinancing proposal have now been agreed in-principle with the revolving credit facility lenders and its two largest shareholders. This comprises a firm placing, placing and open offer to raise around £70 million, backed by its two largest institutional shareholders and the exchange of £23 million of RCF debt for shares in Videndum for Polus Capital, a private credit lender. In addition, Videndum plans to repay £50 million of the group’s existing revolving credit facility, with the balance of the RCF to be restructured. As a result of the refinancing, pro-forma net debt as at November 30 would have been around £52 million, including £26.5 million of finance leases, representing a reduction in net debt of more than £90 million.
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