Market Tracker weekly round-up—10 August 2018

Weekly round-up of the latest corporate announcements, including recommended cash offers by Dalmore Capital Limited and Equitix Investment Management Limited for John Laing Infrastructure Fund Limited, by DBAY Advisors Limited for Harvey Nash Group plc, and by Ligand Pharmaceuticals Incorporated for Vernalis plc, a secondary offer by Victoria plc, a joint venture between Rainbow Rare Earths Limited and TechMet Limited, a reorganisation by African Battery Metals plc, returns of value by PageGroup plc and Quilter plc, and AGM notices from Sports Direct plc, Berkeley Group Holdings plc and BHP Billiton 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. 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 (and AGMs) announced:

AGMs

Announcement date Company Industry sector Key information
8 August 2018 Sports Direct plc Retail & wholesale trade Sports Direct announced that its 2018 AGM will be held on 12 September 2018.
7 August 2018 BHP Billiton plc Mining, metals & extraction BHP Billiton has announced that its 2018 AGM will be held on 17 October 2018.
3 August 2018 Berkeley Group Holdings plc Construction Berkeley Group Holdings has announced that its 2018 AGM will be held on 5 September 2018.

Joint ventures

Announcement date Deal Industry sector Key information
8 August 2018 Rainbow Rare Earths Limited and TechMet Limited Mining, metals & extraction Rainbow announced that it entered into a cooperation agreement with TechMet to form a joint venture. The joint venture will undertake a definitive feasibility study focused on a downstream rare earth separation business capable of processing Rainbow's high grade rare earth concentrate.TechMet has also agreed to subscribe £388,670 (US$500,000) of new ordinary shares alongside a proposed placing by way of an accelerated book-build to raise approximately £1.6 million (US$2.0 million) at a price of not less than 12 pence per ordinary share.

Reorganisations

Announcement date Company Industry sector Key information
8 August 2018 African Battery Metals plc Mining, metals & extraction African Battery announced a proposed capital reorganisation to reduce the number of ordinary shares in issue by a factor of 100 to attract new institutional investors and increase market liquidity by reducing volatility.

Returns of value to shareholders

Announcement date Company Industry sector Key information
8 August 2018 PageGroup plc Professional services PageGroup announced a special dividend of 2.73 pence per share, totalling £40.6 million.The special dividend will be paid at the same time as the interim dividend on 10 October 2018 to shareholders on the register as at 7 September 2018.
8 August 2018 Quilter plc Financial services Quilter announced a special interim dividend of 12.0 pence per share returning the surplus proceeds from the sale of the Single Strategy business. The special interim dividend will be paid on 21 September 2018 to shareholders on the UK and South African share registers on 24 August 2018.

Secondary offers

Announcement date Issuer Industry sector Key information
6 August 2018 Victoria plc Construction Victoria has announced a placing of 7,314,626 shares at a price of 827 pence per share to raise proceeds of approximately £60.5 million. The placing is being conducted through an accelerated bookbuild process. Admission is expected in late August.

Takeovers

Announcement date Deal transaction Industry sector Key information
9 August 2018 Vernalis plc offer by Ligand Pharmaceuticals Incorporated Pharmaceutical & biotechnology Ligand announced through its wholly owned subsidiary Ligand Holdings UK Limited, a recommended cash offer for the entire issued and to be issued share capital of Vernalis. The offer is valued at £32.67 million.The firm offer follows from Vernalis’ formal sale process announced on 15 March 2018.
7 August 2018 Harvey Nash Group plc offer by DBAY Advisors Limited Professional services DBAY announced a recommended cash-offer for the entire issued and to be issued share capital of Harvey Nash structured by way of a scheme of arrangement. The offer will be made through The Power Talent Group Limited, a newly incorporated company indirectly owned and controlled by the investment funds managed by DBAY.
3 August 2018 John Laing Infrastructure Fund Limited offer by Dalmore Capital Limited and Equitix Investment Management Limited Financial services John Laing announced that it received a recommended cash offer from funds managed by Dalmore Capital Limited and funds managed by Equitix Investment Management Limited through a jointly owned company Jura Acquisition Limited, for the entire issued and to be issued share capital of John Laing. The recommended offer is structured by way of a scheme of arrangement.The offer value is £1.45 billion.
The firm offer follows from the possible offer announced on 16 July 2018. See deal summary: John Laing Infrastructure Fund Limited possible offer by Dalmore Capital Limited and Equitix Investment Management Limited
Filed Under: Round-ups

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