Market Tracker weekly round - up — 5 July 2019

Weekly round- up of the latest corporate announcements, including a recommended cash offer for Telford Homes plc by CBRE Group, Inc., a recommended mandatory cash offer for FFI Holdings plc by 777 Group, a possible partial offer for Aston Martin Lagonda Global Holdings plc by Investindustrial Advisors Limited, capital reorganisations by BlueRock Diamonds plc and Reabold Resources plc, a rights issue and a Class 1 transaction by Synthomer plc, a placing and related party transaction by Mirriad Advertising plc, a placing by Unite Group plc, a placing by Energean Oil & Gas plc, a reverse takeover of Energean Oil & Gas plc by Edison Exploration & Production S.p.A, a Class 1 transaction by Hardy Oil and Gas 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:

AGMs

5 July 2019Majestic Wine plcRetail & Wholesale TradeMajestic Wine announced that its 2019 AGM will be held on 8 August 2019.
2 July 2019Reabold Resources plcMedia & TelecommunicationsReabold Resources announced that its 2019 AGM will be held on 30 July 2019.
28 June 2019Investec plcFinancial ServicesInvestec has announced that its 2019 AGM will be held on 8 August 2019.

Capital reorganisations

2 July 2019Reabold Resources plcMedia & TelecommunicationsReabold Resources announced that it proposed a capital reduction to be put forward as a resolution at their AGM, which, if approved, will enhance the company's ability to return surplus capital, undertake share buybacks and pay dividends to shareholders in the future.
28 June 2019BlueRock Diamonds plcMining, Metals & ExtractionBlueRock Diamonds announced that it is proposing a capital reorganisation whereby every 500 existing ordinary shares of 0.01 pence each will be consolidated into one new ordinary share 5 pence each.

LR/AIM Rules transactions

5 July 2019Mirriad Advertising plcComputing & ITMirriad Advertising announced a related party transaction under the AIM Rules.
3 July 2019Synthomer plcChemicalsSynthomer announced a Class 1 transaction under the Listing Rules.
1 July 2019Hardy Oil and Gas plcOil & GasHardy Oil and Gas announced a Class 1 transaction under the Listing Rules.

Reverse takeovers

4 July 2019Energean Oil & Gas plc acquisition of Edison Exploration & Production S.p.AOil & GasEnergean has announced that it has entered into a conditional sale and purchase agreement to acquire Edison Exploration & Production S.p.A. from Edison S.p.A. for £590.66 million (US$750 million), to be adjusted for working capital, with additional contingent consideration of £78.75 million (US$100 million) payable following first gas from the Cassiopea development (expected 2022).Since the acquisition constitutes a reverse takeover for the purposes of the Listing Rules, Energean will need to seek shareholder approval and re-admission of its ordinary shares to the official list upon completion of the acquisition, which is expected to complete by Q4 2019.

Secondary offers

5 July 2019Mirriad Advertising plcComputing & ITMirriad Advertising announced that it has conditionally raised a total of approximately £14.18 million (before expenses) from a placing of 94,537,142 new ordinary shares and proposed an offer of a maximum of 26,278,920 new ordinary Shares with existing and new institutional investors at a price of £0.15 per share in order to support growth plans and strengthen its balance sheet. 
4 July 2019Energean Oil & Gas plcOil & GasEnergean Oil & Gas announced a placing with institutional investors of new ordinary shares of 1 pence each in the capital of Energean to raise up to £211 million (approximately US$265 million) to part-fund the initial consideration for the acquisition of Edison Exploration & Production S.p.A.The number of placing shares to be issued by the company will not exceed 19.99% of the existing issued share capital of the company and will be conducted through an accelerated bookbuilding process.
3 July 2019Synthomer plcChemicalsSynthomer announced a proposed acquisition to be financed from the gross proceeds of a rights issue of up to £204 million and drawings under new debt facilities.The offer is to be made to qualifying shareholders at £2.40 per new Synthomer ordinary share.
The rights issue will consist of 1 new share at £2.40 pence per new share for every 4 existing shares.
The rights issue will result in up to 84,970,192 new shares being issued (representing approximately 25% of the existing issued share capital and approximately 20% of the enlarged issued share capital of Synthomer immediately following completion of the rights issue).
3 July 2019Unite Group plcInvestmentUnite Group announced a proposed placing of 26,353,664 new ordinary shares to part fund the cash component of the acquisition of Liberty Living Group plc..

Takeovers

3 July 2019Telford Homes plc offer by CBRE Group, Inc.ConstructionTelford Homes announced that it received a recommended cash acquisition for its entire issued and to be issued share capital from CBRE Group, structured by way of a scheme of arrangement.The consideration value of the offer is £3.50 per share and the offer values the entire issued and to be issued ordinary share capital of Telford Homes at approximately £267.4 million on a fully diluted basis.
2 July 2019FFI Holdings plc offer by 777 GroupMedia & TelecommunicationsFFI Holdings announced that it received a recommended mandatory cash offer by 777 Group’s wholly owned subsidiary Lumiere Acquisitions Company LLC (Lumiere) for the shares not already held or agreed to be acquired by Lumiere, at a price of £0.25 per FFI Holdings share, structured by way of a contractual offer.The offer values the entire issued and to be issued share capital of FFI Holdings, at approximately £39.5 million.
1 July 2019Aston Martin Lagonda Global Holdings plc possible partial offer by Investindustrial Advisors LimitedAutomotiveStrategic European Investment Group S.a.r.l (an independently managed investment subsidiary of Investindustrial VI L.P., a fund managed by Investindustrial Advisors Limited) announceda possible partial offer for 6,840,090 shares in Aston Martin Lagonda Global Holdings, representing approximately 3% of the issued share capital of Aston Martin Lagonda Global Holdings.

 

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