Market Overview

Benzinga's Microcap Movers for Tuesday March 27, 2012


Below are highlights from Benzinga's daily coverage of microcap securities making big moves:

Crown Crafts

Shares of crown Crafts (NASDAQ: CRWS), the Gonzales, LA designer, marketer and distributor of infant and toddler products, rose 23% Tuesday on 19 times the average daily volume.

Crown Crafts announced Monday that its Board of Directors has doubled the Company's quarterly cash dividend on its Series A common stock to $0.08 per share, compared with the previous rate of $0.04 per share. This new rate represents a return of 7.4 percent on an annualized basis and will be paid on July 6, 2012 to stockholders of record at the close of business on June 15, 2012.

As previously announced, the Company will pay a cash dividend of $0.04 per share to stockholders of record at the close of business on March 16, 2012.

Crown Crafts closed at $5.35 on Tuesday.

Southern Community Financial Corp

Shares of Southern Community Financial Corp (NASDAQ: SCMF), the Winston-Salem, NC holding company for Southern Community Bank and Trust, rose 35% Tuesday on 17 times the average daily volume.

Capital Bank Financial Corp. announced Tuesday that it has signed a definitive agreement to acquire 100% of the stock of Southern Community Financial Corporation for $2.875 per share. SCMF is the parent of Southern Community Bank and Trust, a bank with $1.5 billion in assets and 22 branches in Winston-Salem, the Piedmont Triad, and other North Carolina markets.

SCMF shareholders may elect to receive their payment in cash or stock, with total consideration consisting of 40% cash and 60% newly issued shares of CBF, which will be exchanged at a fixed ratio of 0.131 based on a value for CBF of $22 per share, subject to certain adjustments. Additionally, SCMF shareholders will receive non-transferable contingent value rights entitling them to receive up to $1.30 per share in cash five years after the effective date of the transaction based on 75% of the savings to the extent that legacy loan and foreclosed asset losses are less than a prescribed dollar amount.

Southern Community Financial Corp closed at $2.65 on Tuesday.

General Steel Holdings

Shares of General Steel Holdings (NYSE: GSI), the Beijing manufacturer and seller of steel products, rose 20% Tuesday on twice the average daily volume. General Steel Holdings announced Tuesday that the Company's Board of Directors has approved a new share repurchase program.

Under the terms of the newly authorized repurchase program, General Steel may repurchase up to an aggregate of 2,000,000 shares of the Company's common stock. The repurchases may be made from time to time in the open market or in privately negotiated transactions in accordance with applicable federal securities laws. The program does not have an expiration date and the timing of the repurchases and the exact number of shares of common stock to be purchased will be determined by the management of the Company, in their discretion, and will depend upon market conditions and other factors. General Steel plans to fund repurchases made under this program from its available cash balance.

General Steel Holdings closed at $0.90 on Tuesday.

Posted-In: Long Ideas News Short Ideas Small Cap M&A Global After-Hours Center Movers


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