The Morning news update with Sports Direct, Mitchells & Butlers and Falanx

FTSE 100

BHP Billiton (BHP) – is now assessing a potential Standard listing in London for the new spin-off company in addition to the new company’s previously announced proposed primary listing on the Australian Securities Exchange and secondary inward listing on the Johannesburg Stock Exchange.

Sports Direct (SPD) – has entered into a put option agreement with Goldman Sachs International referencing 23 million ordinary shares of Tesco, representing 0.28 per cent of the issued share capital. The maximum exposure under the Put Option is limited to approximately £43 million. 

Hammerson (HMSO) – has exchanged contracts to acquire the remaining 40% of Highcross, securing 100% ownership of Leicester’s major shopping centre and committed capital to a new outlet centre venture with its partners Value Retail, APG and Meyer Bergman. Also announces £400 million placing.

FTSE 250

Atkins (ATK) – overall first half performance is expected to be in line with expectations, despite currency headwinds in the period.

Mitchells & Butlers (MAB) – Total sales growth for the 51 weeks to 20th September was 3.8%, with like-for-like sales increasing by 0.6%.

Cairn Energy (CNE) – has entered into a farm out agreement for the sale of a 10% interest in the Catcher development and adjacent acreage in the UK North Sea. Dyas UK will acquire the 10% by funding Cairn’s exploration and development costs in respect of the licences up to a cap of $182 million.

Small caps

Gable Holdings (GAH) – announces a new agreement with the Confederation of Norwegian Enterprises (NHO), the largest SME trade association in Norway, to provide Gable’s Property and Employers’ Liability products to its members, numbering some 23,000 small to medium size enterprises. Gable will commence underwriting during the final quarter of 2014 and anticipates that this business will deliver gross written premiums of £15 million per annum.

Alexander Mining (AXM) – announces a loss of £439,000 for the six months to June.

Miton Group (MGR) – adjusted profit before tax increased by 89% to £3.4 million in the six months to June.

Park Group (PKG) – order books are well ahead of this time last year, the Corporate business is trading strongly and looks forward to the key Christmas period with confidence.

Falanx (FLX) – posts maiden revenues of £4.44 million and a pre-tax profit of £9,488 for the year to March.