LOOKERS (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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Lookers PLC, up 34% at 118.8 pence, 12-month range 59.7p-119.58p. The automotive retail and service group agrees to a takeover offer from Global Auto Holdings of 120 pence a share in cash, which values the firm at GBP465.4 million. The offer is a 35% premium to the closing price of 88.7p on Monday. Global Auto is a related party to Alpha Auto Group, a private Canada-headquarter operator and consolidator of auto retail dealerships across North America. The board of Lookers said they believe the offer represents a "compelling proposition" for the firm's shareholders, and will unanimously recommend the offer at an upcoming court meeting and general meeting.
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abrdn Diversified Income & Growth Trust PLC, up 3.1% at 87.36p, 12-month range 80.34p-101p. The Edinburgh-based investor begins a strategic review, to consider how it can "best deliver value" to its shareholders. Says review is in light of the "material discount" of its shares to its net asset value, which has persisted for a "prolonged" period, despite initiatives taken by the board such as share buybacks. "The board will immediately consult with shareholders and welcomes their views on the best strategic option for the company," ADIG says.
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SMALL-CAP - LOSERS
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Braemar PLC, down 3.1% at 278.00p, 12-month range 231.1p-347p. The shipbroker says its chief financial officer, Nick Stone, will leave the firm at the end of July. Stone joined in 2019. Taking his place is Grant Foley, who joins from credit marketplace ClearScore, where he is CFO. Foley was "instrumental" to the initial public offering of CMC Markets PLC, when he held positions as CFO & chief operating officer at the company.
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By Elizabeth Winter, Alliance News senior markets reporter
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