The morning news update with Tullow Oil, Telecom Plus and Mobile Streams

2 mins. to read

FTSE 100

Tullow Oil (TLW) – the Sputnik-1 well, targeting a pre-salt structure in Gabon’s offshore Arouwe block, has encountered non commercial hydrocarbon pay in up to 300 metres of net sandstone reservoir. Has also completed the sale of 53.1% of its Schooner unit interest and 60% of its Ketch asset in the UK Southern North Sea to Faroe Petroleum.

Land Securities (LAND) – has exchanged contracts to sell its 50% stake in Princesshay shopping centre and surrounding properties in Exeter totalling 589,000 sq ft, to TIAA Henderson Real Estate for £127.9 million, and simultaneously buy TIAA Henderson Real Estate’s 50% stake in Buchanan Galleries, Glasgow for £137.5 million.

FTSE 250

Telecom Plus (TEP) – Performance is in line with market expectations for the full year. Second quarter customer numbers up by 17,994 and service numbers up by 69,963 representing annualised growth rates of 13% and 14% respectively.

Unite Group (UTG) – has acquired two new development sites. One site is in Aberdeen and the other in Liverpool, and together the projects will add c. 1,250 new beds, scheduled to be open in time for the 2017/18 academic year.

Jupiter Fund Management (JUP) – Assets under management stood at £31.7 billion as at 30th September, down from £33.1 million as at 30th June, following the sale of the private client operations.

Small caps

Keywords Studios (KWS) – announces the acquisition of Lakshya Digital, a leading provider of outsourced art services for the video games industry internationally with centres of operation in New Delhi and Pune, India, for a total consideration of $4 million.

Finsbury Food (FIF) – has entered into an agreement to acquire the Fletchers Group, the group of bakeries that produces morning goods and specialist bread products for leading UK grocery retailers and foodservice customers. The total consideration is approximately £56 million on a debt-free/cash-free basis. The consideration is to be funded through a significantly oversubscribed placing raising £35 million, at 59p, and new debt facilities.

Renewable Energy Generation (WIND) – announces the sale of its 10MW St.Breock and 8MW Ramsey II wind farm projects to a fund managed by BlackRock for a total enterprise value of £36 million. 

Leni Gas & Oil (LGO) – yesterday it made the first sale from the newly commissioned sales tank at the Goudron Field.  A total of 1,886 barrels of crude oil were shipped from the new sales tank to the Pointe-a-Pierre refinery.

Mobile Streams (MOS) – pre-tax profits down from £4.8 million to £0.2 million in the year to June.


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