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The morning news update with TUI Travel, Micro Focus, IQE and Telit Communications

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FTSE 100

TUI Travel (TUI) – has reached agreement on the terms of a recommended all-share nil-premium merger of TUI Travel and TUI AG, which is to be implemented by way of a Scheme of Arrangement of TUI Travel.

Sage Group (SGE) – has completed the acquisition of Exact Software Deutschland, the German payroll business of Exact Holding.

FTSE 250

Galliford Try (GFRD) – as been selected as preferred developer by Greater London Authority (GLA) to construct the Silvertown Way development in Canning Town, East London. The deal has an approximate gross development value of £360 million.

Micro Focus (MCRO) – agrees a merger with Attachmate Group to create an enlarged global infrastructure software company with a top three global market position in a number of key segments, including off-mainframe COBOL, mainframe modernisation, host connectivity and Linux.

Spirent Communications (SPT) – has acquired Mobilethink A/S and its wholly owned subsidiary, Tweakker ApS for a cash consideration of $20 million, funded from existing cash resources. 

Small caps

Distil (DIS) – full year results will be significantly below current market expectations.

Plastics Capital (PLA) – confirms that the company is trading broadly in line with market expectations.

Alexander Mining (AXM) – announces a major development towards the establishment of an AmmLeach® zinc oxide processing plant with the signing of an option agreement with a mid-tier mining company for an exclusive three month period to complete due diligence on the AmmLeach® zinc processing technology. The entity has paid Alexander a non-refundable option cash payment of $360,000.

K3 Business Technolgies (KBT) – adjusted pre-tax profits up by 51% at £6.6 million in the year to June, dividend up by 25% at 1.25p per share.

IQE (IQE) – as entered into a Memorandum Of Understanding with WIN Semiconductors Corp and Nanyang  Technological University to participate in the formation of a centre of excellence for the development of compound semiconductor technology in Singapore.

Avanti Communications (AVN) – Revenues increased by 104% to $65.6 million in the year to June, EBITDA positive for the full year for the first time.

Telit Communications (TCM) – adjusted profit before tax for the first half increased by 94.7% to $11.1 million.

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