Market Tracker weekly round-up—1 December 2017

Weekly round-up of the latest corporate announcements, including an IPO by Greensphere Capital plc, shareholder placings by Focusrite plc, Countryside Properties plc, Jackpotjoy plc and Sophos plc, a placing by Treatt plc and a placing and open offer by Firestone Diamonds plc, a transfer from the Main Market to AIM by Volex plc, reverse takeovers by Sirius Petroleum plc, Bushveld Vametco and Parallel Media Group plc, a joint venture between Andalas Energy and Power plc and PT Sinar Era Gemilang, a reorganisation by Progility plc, related party transactions by Firestone Diamonds plc, Parallel Media Group plc, EQTEC plc and Infrastructure India plc, and AGM notices from Brewin Dolphin Holdings plc, ZPG plc and Progility plc.

The weekly round-up covers all deals announced from the Monday of the previous week 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.

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 Market Tracker section of the Corporate homepage.

Market Tracker—Statement of scope

New deals (and AGMs) announced:

AGMs

Announcement date Company Industry sector Key information
29 November 2017 Brewin Dolphin Holdings plc Financial services Brewin Dolphin Holdings announced that its 2018 AGM will be held on 2 February 2018.
29 November 2017 ZPG plc Media & telecommunications ZPG announced that its 2018 AGM will be held on 30 January 2018.
28 November 2017 Progility plc Computing & IT Progility announced that its 2017 AGM will be held on 22 December 2017.

IPOs

Announcement date Issuer Industry sector Key information
30 November 2017 Greensphere Capital plc Investment Greensphere Capital announced that is has published a prospectus in relation to an initial public offering of shares on the Premium Segment of the Main Market of the London Stock Exchange.The company is seeking to raise up to $500 million by way of an initial placing and an offer for subscription of ordinary shares. The Company aims to provide shareholders with an attractive yield from a portfolio of sustainable infrastructure assets diversified by geographies and sectors and to realise long-term growth in the capital value of the company.
Admission of the ordinary shares to trading and commencement of dealings on the Main Market of the London Stock Exchange is expected to occur at 8.00 a.m. on Wednesday 20 December 2017.

Joint ventures

Announcement date JV parties Industry sector Key information
27 November 2017 Andalas Energy and Power plc and PT Sinar Era Gemilang Energy & utilities Andalas Energy and Power  announced that it has signed a gas sales memorandum of understanding with PT Sinar Era Gemilang (SEG), a private Indonesian company, for the supply of gas to a new independent power project (“Sumatra-1”) and commenced discussions with the Indonesian national power company, PLN, regarding procurement of the generating capacity.Sumatra-1 will be co-developed with SEG in accordance with a newly signed joint venture agreement with SEG for the development of independent power producer projects in Indonesia.
Each party will contribute its respective expertise to the joint venture at its own cost and the parties will share agreed third party costs in proportion to their respective participation interests (Andalas Energy 80%; SEG 20%).

LR/AIM Rules transactions

Announcement date Company Industry sector Key information
1 December 2017 Firestone Diamonds plc Mining, metals & extraction Firestone Diamonds announced a related party transaction under the AIM rules.
29 November 2017 Parallel Media Group plc Media & telecommunications Parallel Media Group announced a related party transaction under the AIM rules.
27 November 2017 EQTEC plc Energy & utilities EQTEC announced a related party transaction under the AIM rules.
27 November 2017 Infrastructure India plc Investment Infrastructure India announced a related party transaction under the AIM rules.

Reorganisations

Announcement date Company Industry sector Key information
29 November 2017 Karelian Diamond Resources plc Mining, metals & extraction Karelian Diamond Resources announced a proposed consolidation of the company’s shares which will reduce the number of shares in issue by a multiple of approximately 25.Subject to approval by the shareholders at the AGM, the directors propose that the issued and unissued ordinary shares will be consolidated into new ordinary shares of €0.00025 each. Immediately following the proposed consolidation, each existing shareholder will hold 1 new ordinary share in place of each 25 existing ordinary shares.
The directors believe the proposed consolidation will result in a share price more appropriate for the company and more attractive to a greater number of investors
28 November 2017 Progility plc Computing & IT Progility announced a share reorganisation, in order to reduce its number of existing ordinary shares from 199,666,880 ordinary shares having a value of 10 pence each to a level which would be more cost effective to service and also to provide greater flexibility over incentive schemes or for other purposes that will further the success of the Company.
Over 85% of the current shareholdings in the Company are made up of a holding of less than 500 shares, valued at less than £7. The board believes the Company is incurring disproportionate costs in servicing these holdings relative to their value.
The Company will firstly consolidate every holding of 500 existing ordinary shares into one new ordinary share of £50.00. Immediately following the consolidation, each new ordinary share will then be sub-divided into one new non-transferrable deferred share of £49.99 with limited rights and four new ordinary shares of £0.0025, having the same rights as the existing ordinary shares.
The share consolidated requires the passing of two resolutions, numbered 6.1 and 6.2 in the notice of AGM. The resolution will be proposed as an ordinary resolution. If passed, the share reorganisation will become effective at the close of business on 22 December 2017 (being the date of the AGM) with admission of the new ordinary shares to trading on AIM expected on or about 27 December 2017.

Reverse takeovers

Announcement date Company Industry sector Key information
30 November 2017 Sirius Petroleum plc Oil & gas Sirius Petroleum announced a prooposed placing of 723,700,000 new Ordinary Shares to raise gross proceeds of approximately US$9.5 million at a price of 1 pence per share. The proceeds of placing and fundraising alows the Sirius to the Company to drill the Ororo-2 well and bring it into production in accordance with the Ororo Joint Operating Agreement (JOA).The entry into the JOA marks the transformation of the Company from an investing company into an operating company, which is deemed to constitute a reverse takeover of the Company under the AIM Rules.
30 November 2017 Bushveld Minerals Limited acquires Bushveld Vametco Bushveld Minerals announced a conditional acquisition of 55% of Bushveld Vametco, being all the ordinary shares in Bushveld Vametco not currently owned by the Company. The Acquisition constitutes a reverse takeover under the AIM Rules.
29 November 2017 Parallel Media Group plc acquires Brick Live and Parallel Live Media & telecommunications Parallel Media announced agreed to acquire Brick Live and Parallel Live, to create a new live entertainment events company - Live Company Group - and bring BRICKLIVE to AIM.The value of both companies is £10 million.
The Proposed Acquisitions constitute a reverse takeover under the AIM Rules requiring the approval of Independent Shareholders at a General Meeting.

Secondary offers

Announcement date Issuer Industry sector Key information
1 December 2017 Firestone Diamonds plc Mining, metals & extraction Firestone Diamonds announced a potential fundraising of £18.5 million before expenses comprising a firm placing and a placing, subject to clawback under an open offer, in each case through the issue of new ordinary Sshares at an issue price of 10 pence per share, to fund on-going operations at the Liqhobong Diamond Mine.
30 November 2017 Focusrite plc Consumer products
Electronics
Focusrite announced that Phil Dudderidge (Executive Chairman and Founder) and Jennifer Dudderidge (his closely associated person), have sold shares at 315 pence per ordinary share in order to satisfy institutional demand and increase the group's free float. In aggregate, 8,000,000 ordinary shares were subject to the sale, representing 13.8% of the group's issued share capital.
The group will not receive any proceeds from the sale.
30 November 2017 Countryside Properties plc Construction Oaktree announced a shareholder placing, selling 67,500,000 ordinary shares at a price of 340 pence per share, representing 15% of the Company's issued share capital
29 November 2017 Jackpotjoy plc Travel, hospitality, leisure & tourism Jackpotjoy announced  a shareholder placing of 5,561,666 ordinary shares in the capital of the Company at a price of 802 pence per ordinary share, raising gross proceeds of approximately £45 million.
The proceeds of the placing are payable in cash on usual settlement terms. Jackpotjoy will not receive any proceeds from the placing.
28 November 2017 Sophos plc Computing & IT Sophos announced  a shareholder placing of 51,186,432 ordinary shares in the capital of the Company.
The shares represent, in aggregate, approximately 11% of the Company's issued ordinary share capital and constitute approximately 49.64% of the Sellers' combined holdings in the Company.
28 November 2017 Treatt plc Chemicals Treatt announced  that it has conditionally raised approximately £21.6 million (before expenses) by placing 5,265,500 placing shares at a price of 410 pence per placing share with new and existing institutional investors in order to help fund expansion and future growth.

Transfers from the Main Market to AIM

Announcement date Company Industry sector Key information
28 November 2017 Volex plc Electronics Volex announced that is has published a circular proposing to cancel admission of the company's ordinary shares to the premium segment of the Official List and to trading on the London Stock Exchange's Main Market for listed securities and apply for the admission of the company's ordinary shares to trading on AIM.
If approved by shareholders at the company’s general meeting on 15 December 2017, it is anticipated that the effective date of the cancellation and admission will be 19 January 2018.

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