Market Tracker monthly round-up—April 2018

Monthly round-up of the latest corporate announcements in April including formal sale processes by Weatherly International plc and Ascent Resources plc. an offer by Comcast Corporation for Sky plc, an offer for CityFibre Infrastructure plc by Antin Infrastucture Partners and West Street Infrastructure Partners, an offer for Fidessa Group plc by ION Investment Group limited, a possible offer for Shire plc by Allergan plc, an offer by Banca Sella Holding S.p.A for Vipera plc, a possible offer by Apollo Management IX L.P. for FirstGroup plc, a possible offer by James Halstead plc for Airea plc, an offer by Raksha Energy Holdings limited for Myrtah Energy Limited and a possible offer by potential competing bidders for Fidessa Group plc. IPOs were announced by Horizon Housing REIT plc, Avast Holding B.V., Fundamentum Supported Housing REIT plc and Vivo Energy plc. Secondary offers were announced by Satellite Solutions Worldwide Group plc, Learning Technologies Group plc, Capita plc, Weir Group plc, Honeycomb Investment Trust plc, Breedon Group plc, and Carpetright plc. This round-up also includes AGM notices from 40 companies, and the delistings, joint ventures, Listing Rules/AIM Rules transactions, reorganisations, returns of value to shareholders and reverse takeovers falling within the Market Tracker scope of coverage

The information contained in the weekly round up is republished in the monthly round up at the end of the month. To access previous announcements please visit the Corporate homepage.

All transactions covered in this update are available on the Market Tracker deal analysis tool containing over 3000 public company deal summaries.

For specific analysis and commentary on some of the key deals currently being tracked by Market Tracker, in particular certain noteworthy public company takeovers and equity capital market transactions, see Market Tracker—key deal analysis and latest developments .

For trend reports and other analysis see our Trend Reports subtopic.

New deals (and AGMs) announced:

AGMs

Announcement date Company Industry sector Key information
27 April 2018 Card Factory plc Retail Card Factory has announced that its 2018 AGM will be held on 31 May 2018.
27 April 2018 Greggs plc Food & beverages Greggs has announced that its 2018 AGM will be held on 9 May 2018.
27 April 2018 WPP plc Media & telecommunications WPP has announced that its 2018 AGM will be held on 13 June 2018.
26 April 2018 Advanced Medical Solutions Group plc Healthcare Advanced Medical Solutions Group has announced that its 2018 AGM will be held on 6 June 2018.
26 April 2018 Central Asia Metals plc Mining, metals & extraction Central Asia Metals has announced that its 2018 AGM will be held on 23 May 2018.
26 April 2018 Royal Bank of Scotland Group plc Banking & finance Royal Bank of Scotland Group has announcedthat its 2018 AGM will be held on 30 May 2018.
25 April 2018 Hurricane Energy plc Oil & gas Hurricane Energy has announced that its 2018 AGM will be held on 6 June 2018.
24 April 2018 Informa plc Media & telecommunications Informa has announced that its 2018 AGM will be held on 25 May 2018.
19 April 2018 Alliance Pharma plc Pharmaceuticals & biotechnology Alliance Pharma has announced that its 2018 AGM will be held on 24 May 2018.
19 April 2018 Camellia plc Agriculture & forestry Camellia has announced that its 2018 AGM will be held on 7 June 2018.
19 April 2018 Hikma Pharmaceuticals plc Pharmaceuticals & biotechnology Hikma Pharmaceuticals has announced that its 2018 AGM will be held on 18 May 2018.
18 April 2018 Land Securities Group plc Investment Land Securities Group has announced that its 2018 AGM will be held on 12 July 2018.
18 April 2018 Sound Energy plc Oil & gas Sound Energy has announced that its 2018 AGM will be held on 24 May 2018.
17 April 2018 Smart Metering Systems plc Professional services Smart Metering Systems plc has announcedthat its 2018 AGM will be held on 23 May 2018.
17 April 2018 TBC Bank Group plc Banking & finance TBC Bank Group has announced that its 2018 AGM will be held on 21 May 2018.
16 April 2018 Midwich Group plc Professional services Midwich Group plc has announced that its 2018 AGM will be held on 14 May 2018.
16 April 2018 Coats Group plc Engineering & manufacturing Coats Group plc has announced that its 2018 AGM will be held on 16 May 2018.
13 April 2018 esure Group plc Financial services esure Group has announced that its 2018 AGM will be held on 17 May 2018.
13 April 2018 Next Fifteen Communications plc Media & telecommunications Next Fifteen Communications has announcedthat its 2018 AGM will be held on 22 June 2018.
13 April 2018 St. James's Place plc Financial services St. James's Place has announced that its 2018 AGM will be held on 23 May 2018.
12 April 2018 Charter Court Financial Services Group plc Financial services Charter Court Financial Services Group has announced that its 2018 AGM will be held on 16 May 2018.
12 April 2018 Gamma Communications plc Media & telecommunications Gamma Communications has announced that its 2018 AGM will be held on 23 May 2018.
12 April 2018 IWG plc Professional services IWG has announced that its 2018 AGM will be held on 15 May 2018.
11 April 2018 Prudential plc Financial services Prudential has announced that its 2018 AGM will be held on 17 May 2018.
10 April 2018 Bakkavor Group plc Food & beverages Bakkavor Group has announced that its 2018 AGM will be held on 23 May 2018.
10 April 2018 G4S plc Professional services G4S has announced that its 2018 AGM will be held on 15 May 2018.
10 April 2018 M. P. Evans Group plc Food & beverages M. P. Evans Group has announced that its 2018 AGM will be held on 15 June 2018.
10 April 2018 Morgan Advanced Materials plc Electronics Morgan Advanced Materials announced that its AGM will be held on 11 May 2018.
10 April 2018 Secure Income REIT plc Investment Secure Incomeannounced that its AGM will be held on 21 May 2018.
9 April 2018 Bovis Homes Group plc Construction Bovis Homes Group has announced that its 2018 AGM will be held on 23 May 2018.
9 April 2018 Keywords Studios plc Professional services Keywords Studios has announced that its 2018 AGM will be held on 25 May 2018.
9 April 2018 Savills plc Investment Savills has announced that its 2018 AGM will be held on 8 May 2018.
5 April 2018 BP plc Oil & gas BP has announced that its 2018 AGM will be held on 21 May 2018.
5 April 2018 ContourGlobal plc Energy & utilities ContourGlobal has announced that its 2018 AGM will be held on 10 May 2018.
5 April 2018 Petrofac Limited Oil & gas Petrofac has announced that its 2018 AGM will be held on 18 May 2018.
5 April 2018 SIG plc Professional services SIG has announced that its 2018 AGM will be held on 10 May 2018.
4 April 2018 Hiscox Limited Financial services Hiscox has announced that its 2018 AGM will be held on 17 May 2018.
4 April 2018 Pearson plc Media & telecommunications Pearson has announced that its 2018 AGM will be held on 4 May 2018.
4 April 2018 Serco Group plc Professional services Serco Group has announced that its 2018 AGM will be held on 10 May 2018.
3 April 2018 Paddy Power Betfair plc Travel, hospitality, leisure & tourism Paddy Power Betfair has announced that its 2018 AGM will be held on 18 May 2018.

Delistings

Announcement date Delisting company Industry sector Key information
10 April 2018 Infinity Energy S.A. Financial services Infinity has announced that the last day of dealings in the ompany’s ordinary shares on AIM will be 13 April 2018, and that the admission of the ompany’s ordinary shares to trading on AIM will be cancelled with effect from 7.00 a.m. on 16 April 2018.
The ompany is continuing the application process of applying for a Standard Listing of the Company’s ordinary shares on the Main Market of the London Stock Exchange.
Further announcements will be made in due course.
6 April 2018 Abaco Capital plc Investment Abaco Capital has announced its intention to seek hareholders' approval for the cancellation of admission of its hares to trading on AIM.
Due to the oard's proposal to return capital to hareholders through the Members' Voluntary Liquidation, the oard believes that subject to shareholder approval for the embers' oluntary iquidation it will no longer be in the best interests of the ompany or its hareholders to maintain the ompany's admission to trading on AIM.
The esolutions will be proposed at the ompany's AGM to be held on 8 May 2018 at 11.30 a.m. It is expected that trading in the shares on AIM will be suspended with effect from 7.30 a.m. on 8 May 2018 with the elisting expected to take effect at 7.00 a.m. on 9 May 2018.

Demergers

Announcement date Company Industry sector Key information
25 April 2018 Whitbread plc Travel, hospitality, leisure & tourism Whitbread has announced a demerger of Costa, separating Premier Inn and Costa and providing shareholders with investments in two distinct, focused and market-leading businesses.
The demerger of Costa will be pursued as fast as practical and appropriate to optimise value for shareholders and is expected to be completed within 24 months.

IPOs

Announcement date Issuer Industry sector Key information
30 April 2018 Horizon Housing REIT plc Property Horizon Housingannounced the publication of a prospectus in relation to a placing and open offer for subscription of ordinary shares of £0.01 in the capital of the company, and the issue of 56.54 million shares to East Riding Pension Fund. The company aims to issue 125 million shares at 100 pence per share, with a view to raise gross proceeds of £125 million.
12 April 2018 Avast Holding B.V. Computing & IT Avast Holding B.V announced an IPO on the Main Market to raise $200 millions. The funds from the IPO will be used to further Avast’s growth strategy. Admission is expected in May 2018.
10 April 2018 Fundamentum Supported Housing REIT plc Investment Fundamentum Supporthas announced its intention to float on the London Stock Exchange. This is in conjunction with a lacing, ffer for ubscription and ntermediaries ffer to raise a total of up to £150 million.
10 April 2018 Vivo Energy plc Energy & Utilities Vivo Energy has announced its intention to float on the London Stock Exchange and the Johannesburg Stock Exchange. The offer is a 100% sale of existing hares, with no proceeds to the ompany.

Joint ventures

Announcement date JV parties Industry sector Key information
24 April 2018 Reach4Entertainment Enterprises plc Media & telecommunications Reach4Entertainment Enterprises has announced the launch of a new agency and office in the Netherlands with the establishment of Dewynters Amsterdam B.V.
Dewynters Amsterdam is a joint venture with Lisette Heemskerk, Ronald Luijendijk and Jacques Kuyf (the "JV Partners"). It is 60% owned by r4e and 40% by the JV Partners, and will focus on providing marketing, sales and communication services to the thriving theatrical and live entertainment markets in the Netherlands and the Dutch speaking region of Belgium.
17 April 2018 Morgan Sindall Group plc and Hertfordshire County Council Construction Morgan Sindall announced that Morgan Sindall Investments has agreed terms with Hertfordshire County Council (Council) to form a £2 billion joint venture property development partnership between the council's own property company, Herts Living Ltd and Morgan Sindall Investments' subsidiary, Community Solutions for Regeneration (Hertfordshire) Limited.
The partnership is 50:50 and will provide new homes and jobs across the county through a series of housing-led developments on the Council's surplus land.
The partnership agreement between Herts Living Ltd and CSRH is for 15 years, with the option to extend to a further five.
10 April 2018 Total S.A. and Saudi Aramco Oil & Gas Total announced that it signed a memorandum of understanding with Saudi Aramco to build a Giant Petrochemical Complex.The complex will be integrated downstream of the SATORP refinery, a joint venture between Saudi Aramco (62.5%) and Total (37.5%) designed to fully exploit operational synergies.
A total of $9 billion will be invested, creating 8,000 local direct and indirect jobs. The project will produce more than 2.7 million metric tons of high value chemicals.

LR/AIM Rules transactions

Announcement date Company Industry sector Key information
26 April 2018 Highland Gold Mining Limited Mining, metals & extraction Highland Gold Mining has announced a related party transaction under the AIM Rules.
26 April 2018 Satellite Solutions Worldwide Group plc Computing & IT Satellite Solutions Worldwide Group hasannounced a related party transaction under the AIM Rules.
19 April 2018 Weir Group plc Engineering & manufacturing Weir Group has announced a related party transaction under the Listing Rules.
17 April 2018 Vedanta Resources plc Mining, metals & extraction Vedanta Resources has announced a Class 1 transaction under the Listing Rules.
3 April 2018 Action Hotels plc Travel, hospitality, leisure & tourism Action Hotels has announced a related party transaction under the AIM Rules.
3 April 2018 Weatherly International plc Mining, metals & extraction Weatherly International has announced a related party transaction under the AIM Rules.

Reorganisations

Announcement date Company Industry sector Key information
26 April 2018 Satellite Solutions Worldwide Group plc Computing & IT Satellite Solutions Worldwide Group has announced a proposed share consolidation to create a more appropriate number of shares in issue for a company of its size in the UK market.
Upon implementation of the consolidation, every 15 ordinary shares then in issue will be consolidated into 1 new ordinary share of 15 pence. Approval will be sought from shareholders at the company's annual general meeting due to take place on 23 May 2018 and, subject to shareholder approval, the consolidation is expected to become effective shortly thereafter.
16 April 2018 Ferguson plc Professional services Ferguson plc has announced its intention to undertake a share consolidation of the company’s ordinary share capital.
The share consolidation will replace every 19 exiting ordinary shares with 18 new ordinary shares.
The purpose of the share consolidation is to maintain comparability of the company’s share price and earning metrics, before and after payment of the special dividend.
12 April 2018 Patagonia Gold plc Mining, metals & extraction Patagonia Gold plc has announced a proposed capital reorganisation of the company’s existing ordinary share capital.
The effect of the proposed capital reorganisation will be to reduce the number of ordinary shares in issue by a factor of 100, whilst increasing the trading price of the company's new ordinary shares. A sub-division (as defined below) of the existing ordinary shares will be undertaken as part of the capital reorganisation to ensure that following completion of the consolidation the nominal value of each new ordinary share is 1 pence.

Returns of value to shareholders

Announcement date Company Industry sector Key information
25 April 2018 CRH plc Construction CRH plc has announced its intention to introduce a share buyback programme to repurchase ordinary shares of up to £780,400,000 (€1.0 billion).
The programme is subject to shareholder approval at the company’s 2018 AGM. If approved, the programme is expected to be completed over the next 12 months.
20 April 2018 RELX plc and RELX N.V. Media & telecommunications RELX plc and RELX N.V. have announced a programme to repurchase their respective ordinary shares up to the value of £200 million in total between 19 April 2018 and 23 July 2018.
19 April 2018 Unilever plc Consumer products Unilever plc has announced a share buyback programme of up to £5,218,500,000 (€6 billion) to start in May 2018.
12 April 2018 Man Group plc Financial services Man Group plc has announced its intention to repurchase up to £7039 761.50 million ($100 million USD) of shares and continue to review further potential acquisition opportunities in 2018.

Secondary offers

Announcement date Issuer Industry sector Key information
26 April 2018 Satellite Solutions Worldwide Group plc Media & Telecommunications Satellite Solutions Worldwide Group hasannounced an equity placing of new ordinary shares at 8.5 pence per share, which represents a premium of 4.3% to the closing mid-price as of 25 April 2018.
Completion of the placing is subject to, amongst other things, shareholder approval and a circular will be published and sent to shareholders.
The placing is intended to raise £12 million in gross proceeds to fund the acquisition of Open Sky S.R.L. and Sat Internet Services GMBH, as well as associated fees, working capital for the company and potential future bolt-on acquisitions.
25 April 2018 Learning Technologies Group plc Computing & IT Learning Technologies Group announced an equity placing of 86,734,694 new ordinary shares at 0.375 pence each to part-fund the company’s proposed acquisition of the issued and outstanding shares of capital stock of PeopleFluent Holdings Corp. The placing is fully underwritten.
23 April 2018 Capita plc Investment Capita announced a 3 for 2 rights issue of 1,001,032,281 new shares, to raise gross proceeds of approximately £701 million. The rights issue will be fully underwritten. The aim of the rights issue is to enable Capita to focus on their new strategy, including the company’s planned transformation programme.
20 April 2018 Weir Group plc Engineering and manufacturing Weir Group has announced a placing of 16,699,763 new ordinary shares at a price of 2,175 pence per share. The intended gross proceeds of the placing are £363 million. Admission is expected to be effective no later than 8.00am on 23 April 2018.
19 April 2018 Honeycomb Investment Trust plc Investment Honeycomb Investment Trust has announcedits intention to proceed with a placing of up to 9,523,809 ordinary shares in the company at an issue price of £10.50 per share pursuant to the terms and conditions of the placing programme set out in the company's prospectus published on 25 May 2017, as supplemented by a supplementary prospectus dated 8 March 2018.
17 April 2018 Breedon Group plc Construction Breedon Group has announced a placing, with the issue of 222,222,222 new shares, at a price of 76.5 pence per share. Breedon Group aims to raise £170 million of gross proceeds.
12 April 2018 Carpetright plc Retail & wholesale trade Carpetright announced an equity capital raising, by way of a placing and an open offer on the Main Market. Carpetright expects to raise net proceeds of £60 million through the placing, in order to fund the ompany’s strategy and objectives. The placing is expected to launch on 18 May 2018.

Takeovers

Announcement date Deal Industry sector Key information
26 April 2018 Weatherly International plc—formal sale process Mining, metals & extraction Weatherly has announced a strategic review including a formal sale process. Weatherly is considered to be in an offer period as defined in the Takeover Code.
25 April 2018 Sky plc offer by Comcast Corporation Media & telecommunications Comcast announced the terms of a pre-conditional cash offer for the entire issued and to be issued share capital of Sky.The cash consideration of the entire share capital is £22.0 billion. Each Sky shareholder will receive £12.50 in cash for each Sky share.
The firm offer follows the possible offer made by Comcast on 27 February 2018. See deal summary: Sky plc possible offer by Comcast Corporation.
The firm offer is a direct competing offer to the offer of Twenty-First Century Fox, Inc for Sky plc.
24 April 2018 CityFibre Infrastructure plc offer by Antin Infrastructure Partners and West Street Infrastructure Partners Media & telecommunications Antin Infrastructure as part of a consortium with West Streetannounced, through the consortium’s wholly owned subsidiary, Connect Infrastructure Bidco Limited, a recommended all cash offer for the entire issued and to be issued share capital of CityFibre.This is a public to private transaction.
The offer value is of £537.8 million.
20 April 2018 Fidessa Group plc offer by ION Investment Group Limited Computing & IT ION Investment announced through its wholly owned subsidiary ION Capital UK a recommended all cash offer for the entire issued and to be issued share capital of Fidessa Group plc.The firm offer follows the possible offer made by ION Investment Group Limited on 3 April 2018.
The firm offer is an actual competing offer to Temons Group AG’s offer for Fidessa.
The offer is valued at £1.5 billion. The consideration is £38.703 in cash for each Fidessa share, this is a premium of  8.5% to the current offer price of £35.67 per Fidessa share from Temenos which was announced on 21 February 2018.
19 April 2018 Shire plc possible offer by Allergan plc Healthcare, pharmaceuticals & biotechnology Allergan has announced that it is in the early stages of considering a possible offer for Shire plc.
This is a possible competing offer to the bid for Shire from Japanese pharmaceutical company, Takeda Pharmaceuticals Limited.
The PUSU deadline is on 17 May 2018.
For further information, see deal summary: Shire plc-possible offer by Takeda Pharmaceuticals Limited
18 April 2018 Vipera plc offer by Banca Sella Holding S.p.A Banking & financeFinancial Services Sella Open Fintech Platform S.p.A, a wholly owned subsidiary of Banca Sella, announceda recommended cash offer for Vipera’s issued and to be issued share capital. The offer value is £24.03 million.Sella Open Fintech has been formed by Banca Sella to act as the holding company of its new innovative fintech business, of which Vipera is intended to form part.
The firm offer follows from the possible offer made by Banca Sella on 22 March 2018.
See deal summary: Vipera plc possible offer by Banca Sella Holding S.p.A
17 April 2018 Ascent Resources plc Oil & gas Ascent Resources announced that it was conducting a strategic review of its options and seeking potential offerors for the company by means of a formal sale process, putting the company into an offer period with immediate effect.
11 April 2018 FirstGroup plc possible offer by Apollo Management IX L.P. Travel, hospitality, leisure & tourism FirstGroup announced it received a conditional indicative possible cash offer by Apollo Management IX L.P. for FirstGroup’s entire issued and to be issued share capital. FirstGroup believes the possible offer undervalues the cCompany and is opportunistic therefore the board unanimously rejected the proposal.The put up or shut up deadline is on 9 May 2018.
5 April 2018 Airea plc possible offer by James Halstead plc Construction James Halstead announced a possible offer for the entire issued and to be issued shares of Airea plc. The put up or shut up deadline is 2 May 2018.
4 April 2018 Myrtah Energy Limited offer by Raksha Energy Holdings Limited Energy & utilities Raksha, a newly incorporated company by The Raksha Trust, announced a recommended all cash offer for the entire issue and to be issued share capital of Mytrah Energy Limited.Raksha holds 57.9% of Mytrah’s share capital.
The total offer consideration of Mytrah is £78.9 million, Mytrah’s shareholders will receive 45 pence in cash for each share they hold.
3 April 2018 Fidessa Group plc possible offer by potential competing bidders Travel, hospitality, leisure & tourism Fidessa has announced it received approaches from companies for a potential competing offer to the offer made by Temenos Group AG.Fidessa has requested to adjourn the Scheme Court Meeting and General Meeting called for 5 April 2018 to approve the Temenos Offer in order to explore in more detail the possible alternative offers.
See deal summary: Fidessa Group plc offer by Temenos Group AG.

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