Market Tracker weekly deal round-up 26 July 2019

Market Tracker weekly deal round-up 26 July 2019

Corporate announcements for the week ending 26 July 2019, including a recommended cash offer for Cobham plc by Advent International Corporation, a formal sale process by Accesso Technology Group plc and a possible offer for Amerisur Resources plc by Etablissements Maurel & Prom S.A. an IPO by JPMorgan Global Core Real Assets limited, a placing by IMImobile plc, a placing and a related party transaction by Renalytix AI plc, a joint venture between Active Energy Group plc & Renewable Logistics Systems LLC, reverse takeovers of RedT Energy by Avalon Battery Corporation and United Oil & Gas plc by Rockhopper Egypt Pty Ltd, a delisting of RM2 International S.A. a demerger by Capital and Counties Properties plc, a return of value to shareholders by Anglo American plc and 3 AGM notices.

The weekly round-up covers all deals announced within our statement of scope until 12 noon on the Friday of the previous week. Any deals announced after this time will be included in the following day's round-up.

All transactions covered in this update are available on the Market Tracker deal analysis tool containing over 5,000 public company deal summaries.

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

New deals (and AGMs) announced:


24 July 2019Ashtead Group plcProfessional ServicesAshtead Group has announced that its 2019 AGM will be held on 10 September 2019.
24 July 2019Kainos Group plcComputing & ITKainos Group has announced that its 2019 AGM will be held on 26 September 2019.
23 July 2019PZ Cussons plcConsumer productsPZ Cussons has announced that its 2019 AGM will be held on 25 September 2019.


23 July 2019RM2 International S.A.Professional ServicesRM2 International announced alternative resolutions to be put forward at the general meeting on 31 July 2019, in the event that the resolutions relating to a conditional placing (of 300,000,000 new ordinary shares at a placing price of £0.02 (US$ 0.02) per ordinary share to raise up to £12.8 million (US$ 6 million) before expenses) are not approved. The alternative resolutions seek shareholder approval for, among other things, the voluntary liquidation of the company and the delisting of the company's ordinary shares from trading on AIM.


25 July 2019Capital & Counties Properties plcInvestmentCapital & Counties Properties announced its intention to launch Covent Garden as a central London focused REIT through its demerger from Capital and Counties Properties plc. 


19 July 2019JPMorgan Global Core Real Assets LimitedInvestmentJPMorgan Global Core Real Assets announced its intention to be admitted on the Premium listing of the Official List and to trading on the Main Market of the London Stock Exchange.

Joint ventures

24 July 2019Active Energy Group plc & Renewable Logistics Systems LLCEnergy & UtilitiesActive Energy Group has announced that it has entered into a joint venture agreement with Renewable Logistics Systems, a supplier of saw-logs, pulpwood and wood chips to international and domestic markets to enable the company to enter the saw logging export market via the commencement of operations at the Company's Lumberton Site, in Robeson County, North Carolina.

LR/AIM Rules transactions

23 July 2019Renalytix AI plcHealthcareRenalytix AI announced a related party transaction under the AIM Rules.

Returns of value to shareholders

25 July 2019Anglo American plcMining, Metals & ExtractionAnglo American announced its intention to return up to £800 million ($1 billion) to its shareholders through an on-market irrevocable and non-discretionary share buyback programme. The share buyback programme will begin immediately and will end no later than 31 March 2020. 

Reverse takeovers

25 July 2019RedT Energy acquisition of Avalon Battery CorporationEnergy & UtilitiesRedT energy announced that it has agreed to outline terms for a proposed merger with Avalon Battery Corporation. The merger, if approved by shareholders and completed, will constitute a reverse takeover under the AIM Rules.
23 July 2019United Oil & Gas plc acquisition of Rockhopper Egypt Pty LtdOil & GasUnited Oil & Gas announced a conditional acquisition of Rockhopper Egypt Pty Ltd for £12.86 million (US$ 16 million) with an effective date of 1 January 2019.The conditional acquisition constitutes a reverse takeover under the AIM Rules.

Secondary offers

24 July 2019IMImobile plcComputing & ITIMImobile announced a proposed placing of up to 6,533,422 new ordinary shares of £0.10 each in the capital of the company, representing approximately 9.7% of the existing issued share capital of the company, at a price of £3.10 per share to raise gross proceeds of up to £20.3 million to satisfy the cash element of an acquisition.The acquisition will be further satisfied through the issue of up to 2,567,256 new IMImobile ordinary shares of £0.10 each, amounting to approximately £8 million which will be deferred for up to two years with founders and key employees subject to a further 12 month orderly market agreement thereafter. 
23 July 2019Renalytix AI plcHealthcareRenalytix AI announced its intention to conduct a placing of a minimum of 4,800,000 new ordinary shares in the company at a price of £2.50 per share to raise minimum gross proceeds for the company of £12.0 million, by way of an accelerated bookbuild.


25 July 2019Cobham plc offer by Advent International CorporationAerospace & defenceCobham announced that it received a recommended cash offer from AI Convoy Bidco Limited, an indirect subsidiary of funds managed by Advent International Corporation, for its entire issued and to be issued ordinary share capital, structured by way of a scheme of arrangement. The offer values the entire issued and to be issued ordinary share capital at approximately £4billion.
24 July 2019Accesso Technology Group plc—formal sale processComputing & ITAccesso Technology Group announced that it had decided to conduct a formal sale process and as a result it is considered to be in an offer period.
22 July 2019Amerisur Resources plc possible offer by Etablissements Maurel & Prom S.A.Oil & gasAmerisur Resources announced that it had received a possible cash and share offer from Etablissements Maurel & Prom S.A. at a price of 12.5 per share in cash and 4.5p per share in Etablissements Maurel & Prom shares.


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