The Morning News Update with TSB, Man Group and Coms

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1 mins. to read

FTSE 100

Lloyds Banking Group (LLOY) – The price range for the TSB IPO offer has been set at between 220p to 290p. At the mid-point of the price range, TSB’s market capitalisation would be approximately £1,275 million.

FTSE 250

Carillion (CLLN) – in joint venture with Lafarge Tarmac has been selected as one of the contractors to deliver the Medium Schemes Framework 2, which has a total value of approximately £260 million over a three-year period and an estimated value to the joint venture of £100 million.

Man Group (EMG) – has agreed to acquire Pine Grove Asset Management LLC, a US-based fund of hedge fund manager specializing in the management of credit-focused hedge fund portfolios with approximately $1 billion of assets under management. The transaction is subject to customary closing requirements and is expected to close in the third quarter of 2014. 

SMALL CAPS

Coms (COMS) – posts a pre-tax profit of £1.24 million in the year to January from a loss of £936,415.

Revolymer (REVO) – has signed a supply and distribution agreement for its nicotine chewing gum products for the United States of America with PL Developments LLC, a leading US manufacturer and supplier of over-the-counter products. 

Grafenia (GRA) – pre-tax profits down by 14.6% at £0.76 million in the year to March, dividend down from 2.55p per share to 1.33p per share.

Jubilee Platinum (JLP) – has executed a Tailings Access Agreement with ASA Metals Proprietary Limited where Jubilee is awarded the exclusive right to access the PGM – bearing tailings on the DCM mine area and the right to construct, a dedicated chrome and PGM processing plant. In addition, ASA has agreed to give Jubilee access to sufficient power and water for the construction and operation of the plant.

Distil (DIS) – posts an operating loss of £367,000 for the year to March. Current cash reserves are sufficient to meet needs for the foreseeable future.

SnackTime (SNAK) – has raised £570,000 through a subscription for 3.8 million new shares at 15p each.

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