Here are the small cap gainers and losers at 12pm AEST.

The ASX Small Ords was trading up 17 points to 2708 at 1pm AEST.

In the green

Takeover talks have Tegel Group (ASX:TGH) investors clucking – shares are up 36 per cent to trade at $1.03.

The company yesterday received an unsolicited notice of takeover from Kiwi Bounty Fresh Foods to acquire all shares at $NZ1.23 ($1.15) — at a 10 per cent premium to today’s trading price.

Directors are keeping tight lipped as to their reaction, noting that “while noting the draft offer price represents a 50 per cent premium to the $NZ0.82 close price of Tegel shares on 24 April 2018 on the NZX, the independent directors consider it too early to comment on the draft offer at this time”.

It comes after the group’s New Plymouth production plant was damaged by ex-cyclone Gita earlier this year.

Financial advice platform Decimal Software (ASX:DSX) was buoyed 22 per cent to 2.2c on no news.

The company previously reported a 42 per cent revenue increase to $297,991 last quarter following contract extensions with key clients.

News of a new 2.6km gold target has spurred Riversgold (ASX:RGL) up 22 per cent to trade at 16.5c.

The company released details of its Yilgani aircore drilling which outlined a 2.6km long zone of gold anomalism at its west target – including grades of 1.73 grams per tonne of gold at 4 metres.

“We are also starting to see anomalism in pathfinder elements, such as silver and tellurium, supporting the theory that the gold anomalism is likely to be related to a primary source,” boss Allan Kelly said.

Ultra-strong foam maker CFOAM (ASX:CFO) was trading up 21 per cent to 20c with no news in the market.

The company earlier this month raised $2.125 million in a placement to accelerate a new, multi-stage capital expansion plan.

It said overwhelming evidence of rapidly expanding demand had seen actual and expected customer demand significantly outstrip planned capacity.

“The company is formally planning a faster, more aggressive ramp-up in production of CFOAM products to meet this dramatically increased demand profile,” it told the market.

Asset identifier Kollakorn (ASX:KKL) surged 20 per cent to 1.2c at midday.

The company last month shared its half-year accounts, showing a decrease in revenue by 28 per cent from the prior comparable period.

It told the market it was awaiting approval from the Malaysian ministry of finance to move ahead with its proof of concept.

In the red

Gullewa (ASX:GUL) dropped 31 per cent to 2.6c with no news in the market to lead the losers at lunch.

The company has diversified interests – with royalties from Doray Minerals (ASX:DRM) and property development in Maitland.

Palm oil maker Sterling Plantations (ASX:SBI) has continued to fall since its highs earlier this month.

The company was a 10-bagger in just a day, but is settling back to levels seen before its surge.

PNG petroleum explorer South Pacific Resources (ASX:SPB) fell 18 per cent to trade at 1.3c.

Storage battery manufacturing company RedFlow (ASX:RFX) dropped 18 per cent to trade at 13c on its announcement of a placement to raise $18.1 million.

The company told the market it had successful completed the placement at 10c a share, to fund supply chain raw materials and finished goods inventory as well as invest in sales and business development activities and infrastrucutre.

Luxury retailer AHALife (ASX:AHL) fell 17 per cent to 1.9c as it continues to yo-yo since last week.

The company reached highs of 2.5c on Monday but was trading back today – all on no news.