Lloyds Banking (LLOY) falls 1.4% to 79p after pricing the initial public offering (IPO) of its retail bank TSB at between 220p and 290p, which could see it sold at 30% below book value. The bank could be worth £1.2 billion when final pricing is decided on June 20.
Foods-to-fashion giant Associated British Foods (ABF) adds 4p at £30.31 on reports its fast-growing discount fashion chain Primark is close to buying an entire shopping centre in Birmingham for £60 million.
Freshly-listed retail warehousing specialist Clipper Logistics (CLG) rises 4.8% to 131p after winning a five-year deal with Tesco (TSCO). The agreement sees Clipper continue existing fulfilment work for items ordered from Tesco's websites and adds development work to support the supermarket group's online clothing business.
Services-to-fishing conglomerate Falkland Islands (FKL:AIM) nudges ahead 1.4% to 357.5p on reassuring full-year numbers. Underlying pre-tax profit is up 10.8% to £3.7 million but there's no growth in the dividend, flat at 11.5p. The longer-term story is pinned on the Falklands Islands establishing an oil and gas industry which should boost demand for retail, property and other interests owned by the conglomerate.
Snack vending operator SnackTime (SNAK:AIM) skips 16.7% higher to 14p as bid excitement resurfaces. SnackTime has raised £570,000 at a premium-priced 15p to pare debt and top up the working capital coffers. The funds have been raised from Versatel, a vehicle whose directors include existing shareholder Boris Belotserkovsky, the owner of Russian vending company Uvenco which walked away from bid talks in February.
Penny share premium drinks play Distil (DIS:AIM) dips 3.8% to 1.13p as results for the year to March reveal reduced losses of £392,000 (2013: £738,000) on lower sales of £2.4 million (2013: 3.8 million). However the minnow behind the Blavod Black Vodka and Blackwoods Gin brands insists the numbers reflect the costs of focusing on selling own brands and launching new products.
Minimally invasive tool-maker Surgical Innovations (SUN:AIM) dives 5% to 4.6p after selling £1.6 million of shares to engineering businessman Chris Rea, who joins the board later this month. The funds will be used for working capital.
Oil and gas play Leni Gas & Oil (LGO:AIM) marches ahead 31.1% to 3.96p on the news a second development well on the Goudron field onshore Trinidad is likely to be just as successful as the first. The GY-665 well intersected 687 feet of gross oil bearing sands and an early end to drilling will mean it can be brought on production more rapidly. The previous GY-664 well flowed at 326 barrels of oil per day or around three times what analysts were predicting.