STOCKS NEWS EUROPE-UK small caps up on first session of 2013

Wed Jan 2, 2013 4:04am EST
 
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The FTSE Small Caps index is up 0.6 percent in early deals on the first session of 2013, lagging much bigger gains by the blue chips and the mid caps, which jump 1.5 percent and 1.4 percent respectively.

Lamprell jumps 15 percent after the oil services firm says it has received the necessary waivers from its lenders with respect to its existing debt facilities, with the working capital position of the company having improved significantly in recent months and it ended the year with a net cash position in the region of $100 million.

Lamprell also says it was recently awarded a further North Sea related project valued at approximately $40 million. [ID: nRSB5920Ua]

Afferro Mining gains 3 percent, extending Monday's 13 percent advance, as International Mining and Infrastructure Corp. (IMIC) confirms it has made an initial bid approach. Afferro said on Monday IMIC would be prepared to offer up to 140 pence a share for the group. [ID: nRSB6254Ua]

Afferro also said on Monday that it is currently under exclusivity obligations with one other party which precludes it from engaging in discussions with IMIC until January 13. The Daily Telegraph said on Tuesday that traders believe the current exclusive talks are likely to be with a "major" mining company willing to pay 150 pence a share for Afferro.

Reuters messaging rm://jon.hopkins.thomsonreuters.com@reuters.net