London pre-open: Footsie to slip back

18th Sep 2009 07:46

Footsie is expected to fall in early dealings after posting more gains yesterday.Part-nationalised bank Lloyds Banking Group has confirmed it is in talks with the government about changes to the terms of its possible participation in the government asset protection scheme (GAPS). Lloyds is also mulling possible alternatives to participation in the scheme. These options are being discussed with HM Treasury, UK Financial Investments and the Financial Services Authority.Weapons group Chemring said its outlook for 2009 remains in line with expectations as demand for its products from the US and UK armies staying strong. In the period from May 1 to date, revenues have totalled £143m compared with £102m over the same period the previous year.Real estate investment trust British Land is to put its Broadgate property assets in the City into a joint venture with private equity group Blackstone Group. The real estate funds Blackstone Real Estate Partners Europe III and Blackstone Real Estate Partners VI will take a 50% stake in Broadgate valued at £1.07bn.A couple of directors of BlueBay are taking advantage of a recent tripling in its share price to trim their holdings in the fixed income fund manager. A secondary placing of 6.6m shares, or 3.4%, will take place today with Nick Williams, Chief Financial Officer, selling 1m shares and Alex Khein, Chief Operating Officer disposing of up to 2m shares. The company is not raising any money.Electricals retailer Kesa's finance director Simon Herrick has resigned in order to pursue other business interests, the group announced this morning. He will leave Kesa in the coming months, and a further announcement concerning his successor will be made in due course, the brief statement said.Robert Noel is to leave Great Portland Estates to join the board of rival property group Land Securities as managing director of LandSecs' London portfolio. Noel steps into the shoes of Mike Hussey, who quit Land Securities in June after the company abandoned plans to demerge parts of the business.