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The following stocks are the leading risers and fallers among London Main Market small-caps on Thursday. ---------- SMALL-CAP - WINNERS ---------- TT Electronics PLC, up 59% at 151.20 pence, 12-month range 152.20p-61.90p. The manufacturer of electronic components agrees the terms of a takeover by Cicor Technologies. Under the terms of the acquisition, each TT shareholder will receive 100p in cash and 0.0028 new Cicor shares. The acquisition values each TT share at 155p, with the total share capital valued at around £287 million on a fully diluted basis. The offer value represents a premium of around 64% to TT’s closing price of 95p on Wednesday. It is estimated that TT shareholders will own around 10% of Cicor after the acquisition. TT Electronics expects the takeover to become effective in the first half of 2026. Cicor says 10% of shareholders have committed to the takeover. ‘The TT directors consider that TT’s insufficient scale has affected its growth and profitability, and has constrained its ability to optimise its portfolio,’ says TT Chair Warren Tucker. ‘In addition, the uncertain macroeconomic and geopolitical outlook represent elevated risks given TT’s scale. Furthermore, the TT directors are cognisant of the challenges and low trading liquidity that companies of TT’s size face in the UK public markets.’ ---------- Permanent TSB Group Holdings PLC, up 17% at 2.75p, 12-month range 2.85p-1.35p. The Dublin-based financial services provider says it is commencing a formal sales process. The firm says it has seen a ‘significant increase’ in appetite for its shares from international investors, against a backdrop of increased consolidation activity in the European banking sector. The company says its board and its largest shareholder, the Irish government, believes finding a new owner is in its best interests. ‘PTSB is an important part of the retail banking market and wider Irish economy, and its continued sustainable growth is critical to ensuring competition in the market and providing choice to consumers,’ the company says. Chair Julie O’Neill adds: ‘If successful, this FSP would result in the exit of the state’s last remaining shareholding in the Irish banking sector and, most importantly, return capital to the state and taxpayers.’ In a third quarter trading update, Permanent TSB says total operating income was down 4% in the nine months to September compared to a year ago. The net interest margin was 2.01%. Permanent TSB says total operating expenses were marginally lower on-year and notes that it is on track to reduce costs to its 2025 target of €525 million. The bank leaves its 2025 guidance unchanged and reaffirms its 2027 return on tangible equity target of 9%, with a new medium-term target of 11% for 2028. ‘Our guidance for 2025 remains unchanged, as does our intention to restart dividend payments to our shareholders next year, subject to financial position and required regulatory and other approvals,’ says Chief Executive Officer Eamonn Crowley. ---------- SMALL-CAP - LOSERS ---------- Cykel AI PLC, down 11% at 75.00p, 12-month range 500.00p-1.48p. The London-based AI product and research company says revenue rose and the pretax loss narrowed in the first half of the year. Revenue amounts to £4,107 in the six month period to the end of July compared to nominal £466 a year prior. The pretax loss narrows to £1.2 million from £4.0 million. Administrative expenses sink to £1.1 million from £4.1 million. Cykel says the period marked its transition from product development to initial commercialisation. ‘Since Eve’s launch, revenue has grown, and the agent now accounts for the majority of new demo bookings, indicating early traction for sales automation within our agent portfolio,’ says Interim Chair Nick Lyth. ‘Looking ahead, we expect Eve to remain central to commercial progress... These initiatives are intended to support scalability and differentiation, but they require sustained investment and execution. The company’s ability to realise its strategy is dependent on continuing to secure additional funding.’ Since the reporting period, Cykel says it has raised £2.8 million in gross proceeds and is actively pursuing additional fundraising. ---------- Pri0r1ty Intelligence Group PLC, down 6.9% at 2.19p, 12-month range 14.49p-2.00p. The AI-focused data and marketing services company expects to report revenue of over £500,000 for the 12 months to the end of September. ‘The revenue we expect to report for FY25 reflects the group’s progress since admission to AIM and has importantly laid an encouraging foundation upon which to grow in FY26 based on the current and future customer contracts that we will build upon,’ says CEO Rory Maxwell. ‘As we move into FY26 the group is on an exciting growth trajectory with new customers and products to drive the business forward on an international basis.’ ---------- Copyright 2025 Alliance News Ltd. All Rights Reserved.
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