Market Tracker weekly round-up—1 June 2018

Weekly round-up of the latest corporate announcements, including a possible offer by Prime Opportunities Investment Group, LLC, an IPO by TransGlobe Energy Corporation, a reverse takeover by Derriston Capital plc, a joint venture between Keller Group plc and Intrafor, reorganisations by Future plc, Transense Technologies plc and Rurelec plc, a delisting by Falcon Media House Limited, a rights issue by Phoenix Group Holdings, a conditional placing by Albert Technologies, a return of value to shareholders by Standard Life Aberdeen plc, related party transactions by Draper Esprit plc and Caspian Sunrise plc and AGM notices from Johnson Matthey plc, Faroe Petroleum plc and JD Sports Fashion plc.

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.

The information contained in the weekly round up is republished in the monthly round up at the end of the month. The Market Tracker monthly round-up—May 2018 is currently available. To access previous monthly round ups please visit the Monthly deal round-ups archive.

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

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

New deals announced:

AGMs

Announcement date Company Industry sector Key information
31 May 2018 Johnson Matthey plc Chemicals Johnson Matthey has announced that its 2018 AGM will be held on 26 July 2018.
29 May 2018 Faroe Petroleum plc Oil & gas Faroe Petroleum announced that its 2018 AGM will be held on 26 June 2018.
25 May 2018 JD Sports Fashion plc Retail & wholesale trade JD Sports Fashionannounced that its 2018 AGM will be held on 28 June 2018.

Delistings

Announcement date Delisting company Industry sector Key information
30 May 2018 Falcon Media House Limited Media & telecommunications Falcon Media House has announced that it intends to apply to the FCA to seek a cancellation of the listing of its ordinary shares on the standard segment of the Official List and to trading on the London Stock Exchange's Main Market.
The board has given careful consideration to the best way to raise capital and provide financial stability to the business and finds that the continued listing of the shares incurs significant cost while presenting an obstacle to potential sources of funding.
It is anticipated that the effective date of the cancellation will be on or around 27 June 2018.

IPOs

Announcement date Deal Industry sector Key information
1 June 2018 TransGlobe Energy Corporation Oil & gas TransGlobe Energy announced its intention to seek a listing on AIM to enhance liquidity for the company's shareholders and provide more direct access to the London capital markets. Application has been made for the company's existing 72,205,369 common shares to be admitted to trading on AIM. It is expected that admission will become effective and dealings will commence on 29 June 2018.

Joint ventures

Announcement date Deal Industry sector Key information
29 May 2018 Keller Group plc and Intrafor Construction Keller announced its 50:50 joint venture with Intrafor, part of Bouygues Construction, has been awarded an A$200m (£113m) contract for work on the A$6 billion Metro Tunnel Project in Melbourne Australia.

LR/AIM Rules transactions

Announcement date Company Industry sector Key information
29 May 2018 Caspian Sunrise plc Oil & gas Caspian Sunrise has announced a related party transaction under the AIM Rules.
25 May 2018 Draper Esprit plc Financial services Draper Esprit has announced a related party transaction under the AIM Rules.

Reorganisations

Announcement date Company Industry sector Key information
1 June 2018 Rurelec plc Energy & utilities Rurelec has announced a reduction of capital of £45 million and the creation of a special reserve in the accounts of the group to eliminate the deficit on the profit and loss account.
The reduction of capital does not affect the number of shares in issue, the nominal value per share or the voting or dividend rights of any shareholder.
31 May 2018 Transense Technologies plc Automotive Transense Technologies has announced a proposed share capital reorganisation to facilitate fundraising.
The company proposes to sub-divide the entire existing share capital, both issued and to be issued, consisting of 9,548,948 ordinary shares of 50 pence nominal value each, into 9,548,948 ordinary shares of 10 pence nominal value each and 9,548,948 deferred shares of 40 pence nominal value each.
Shareholder approval is sought for the reorganisation at the company’s general meeting on 21 June 2018.
29 May 2018 Future plc Media & telecommunications Future announced a proposed capital reduction of its share premium account.
Future is proposing to undertake a reduction of capital approved by the court to create additional distributable reserves. The proposal achieves this by cancelling the balance standing to the credit of the share premium account of the company. The capital reduction, if approved by shareholders and confirmed by the court, is expected to increase the distributable reserves of the company by approximately £47,385,898.
Shareholder approval is sought at the company’s general meeting on 14 June 2018.

Returns of value to shareholders

Announcement date Company Industry sector Key information
29 May 2018 Standard Life Aberdeen plc Insurance Standard Life Aberdeen announced a proposed return of capital of up to £1.75 billion, with £1.0 billion to be returned by way of a B share scheme and the remaining up to £750 million to be returned by way of a share buyback programme.
The return of capital requires shareholder approval at the company’s general meeting on 25 June 2018.

Reverse takeovers

Announcement date Company Industry sector Key information
30 May 2018 Derriston Capital plc Investment Derriston Capital announced that it has agreed on the terms of a transaction to acquire S4 Capital Limited, a newly incorporated company that has recently completed a £51 million equity fundraising.
The transaction with S4 Capital constitutes a reverse takeover under the Listing Rules and as a result Derriston Capital has requested a suspension of listing of its shares.

Secondary offers

Announcement date Issuer Industry sector Key information
31 May 2018 Albert Technologies Limited Computing & IT Albert Technologies has announced a proposed conditional placing of up to 36,756,757 new ordinary shares of NIS0.01 each in the share capital of the company at a price of 37 pence per placing share to raise up to £13.6 million (approximately US$18.05 million (before expenses)).
The placing is not underwritten and will be conditional upon, among other things, the approval of certain resolutions at a general meeting.
30 May 2018 Phoenix Group Holdings Professional services Phoenix Group has announced a fully underwritten rights issue, which is intended to raise gross proceeds of approximately £950 million to be used to part fund the cash consideration for the group’s proposed acquisition of Standard Life Assurance.
The rights issue will result in the issue of 183,522,285 new shares. It is expected that admission will occur on 26 June 2018.

Takeovers

Announcement date Deal Industry sector Key information
29 May 2018 IWG plc possible offer by Prime Opportunities Investment Group, LLC Professional services Prime Opportunities announced that it made a possible cash offer for the entire issued share capital of IWG. The possible offer is made by a consortium but is led by Prime Opportunities.
IWG rejected the possible offer but Prime Opportunities continues to consider making an offer for IWG.
Prime Opportunities’ possible offer is the fourth competing offer made by a US private equity fund for IWG.

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