The Morning News Update with Shire, Debenhams and Rose Petroleum

FTSE 100

Lloyds (LLOY) – The TSB offer price has been set at 260p per share.

Shire (SHP) – rejects a £20.44 per share bid from AbbVie.

Sainsbury’s (SBRY) – in a join venture with Dansk Supermarked will trial 15 Netto stores in the UK by the end 2015. Each partner’s initial investment in the joint venture will be £12.5 million, and given start-up costs, each partner expects to incur a post-tax loss in the region of £5-10 million up to 31 March 2015. 

FTSE 250

Debenhams (DEB) – Group like-for-like sales up 0.7% in the 14 weeks to 7th June. Gross margin guidance for full year unchanged.

James Fisher (FSJ) – announces the acquisition of the entire share capital of Testconsult Limited and its subsidiaries for a total cash consideration of £8.0m.

Interserve (IRV) – announces the completion of a $350m issue of US Private Placement loan notes, which have a weighted average maturity length of 10 years.

Small caps

Manx Financial (MFX) – outlook remains extremely promising and expects to report a marked uplift in profit for the first six months of 2014 in relation to the comparable period last year.

Jubilee Platinum (JLP) – the Middelburg operation has achieved its operational and financial targets for May 2014 delivering an unaudited net profit of ZAR 1.33 million (£76 282) which will result in positive cash flow to the company. 

Reach4Entertainment (R4E) – has enjoyed a strong start to trading in the current financial year and is confident of meeting market expectations for the full year.

Rose Petroleum (ROSE) – announces its intention to raise £6.5m by way of an oversubscribed conditional placing and subscription.