Hot Small Caps: Small Caps slip 1.0 percent

LONDON (Reuters) - Following is a round-up of key small cap movers on the London stock market on Tuesday.

4 p.m. - UK Small Caps slips 1.0 percent

The FTSE Small Cap index .FTSC slips 1 percent by 4 p.m., outperforming midcaps .FTMC, off 2.0 percent, but in line with blue chips .FTSE, off 1.0 percent.

Fund manager Liontrust Asset Management (LIO.L) slumps almost 34 percent after it says star fund managers Jeremy Lang and William Pattisson, who run most of its assets, have resigned.

Mecom (MEC.L) jumps 15 percent after the newspaper publisher agrees to sell its German operations to Germany's M.DuMont Schauberg for 152 million euros, a deal which RBS says represents a "significant step towards survival."

12:08 p.m. - Heritage Oil up on "world class" discovery

Shares in Heritage Oil (HOIL.L) rise nearly 6 percent as the company says it has made a "world class" oil discovery with its Giraffe well in Block 1 Uganda, prompting Evolution Securities to repeat its "buy" rating

Richard Griffiths, Evolution analyst, says the combined reserve potential of the Giraffe well and the Buffalo discovery, announced on December 16, makes it "one of the biggest discoveries in Africa in recent years.

"On a stand alone basis this structure thrashes the commerciality threshold for an export scheme from Uganda," Griffiths adds.