Market Tracker weekly round-up—10 November 2017

Weekly round-up of the latest corporate announcements, including a takeover offer by FirstRand Limited, placings from SolGold plc and IQE plc, demergers by Oxford Pharmascience Group plc and SSE plc, a return of value to shareholders by Smith & Nephew plc, reorganisations by Agriterra Limited and Oxford Pharmascience Group plc, a delisting of Tejoori Limited, LR/AIM Rules transaction by European Wealth Group Limited and Norcros plc and AGM notices from WH Smith plc and Associated British Foods 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
9 November 2017 Associated British Foods plc Food & beverages Associated British Foods plc has announcedthat its 2017 AGM will be held on 8 December 2017.
6 November 2017 WH Smith plc Retail & wholesale trade WH Smith plc has announced that its 2018 AGM will be held on 24 January 2018.

Delistings

Announcement date Delisting company Industry sector Key information
8 November 2017 Tejoori Limited Financial services Tejoori Limited has announced its proposed cancellation from trading on AIM. Over the past 12 months, the Company has been realising its investment portfolio and now has no remaining investments; its sole asset is the cash held by the Company. The Company’s directors have concluded that it is in the best interests of shareholders to effect the cancellation and, following the cancellation, to return cash to shareholders by way of voluntary liquidation of the Company, which the Board believes will maximise the return to shareholders.
The cancellation requires approval of not less than 75% of votes cast by shareholders at a general meeting. The Company will shortly post to its shareholders a circular in connection with the cancellation, containing a notice convening a general meeting of the Company to be held at 3pm Dubai time (GMT+4) on 22 November 2017. It is expected that trading in the ordinary shares of the Company on AIM will cease at the close of business on 5 December 2017, with cancellation expected to take effect at 7am on 6 December 2017.
Following the cancellation, the ordinary shares in Tejorri Limited will not be traded on any public market and the CREST facility will be cancelled.

Demergers

Announcement date Company Industry sector Key information
10 November 2017 Oxford Pharmascience Group plc Pharmaceuticals & biotechnology Oxford Pharmascience has announced its intention to demerge certain operating and other assets and the business of the Group to Oxford Pharmascience Limited, following a board strategic review of the Group's operations.
The demerger constitutes a fundamental disposal under Rule 15 of the AIM Rules and is subject to shareholder approval at the general meeting to be held at 11:00 a.m. on 27 November 2017.
Completion of the demerger will result in the company becoming a Rule 15 Cash Shell.
8 November 2017 SSE plc Energy & utilities SSE  announced that it has entered into an agreement with innogy SE (Innogy) in respect of a proposed demerger of SSE's household energy and services business in Great Britain (SSE Retail) and combination with Innogy's subsidiary npower Group plc to form a new independent UK incorporated company to be held by SSE shareholders (following the demerger) and with minority participation by Innogy (the Combined Retail Company).
The shares of the Combined Retail Company will be admitted to the premium listing segment of the Official List and to trading on the main market of the London Stock Exchange on completion of the combination (the demerger, combination and listing together - the Transaction).
Completion of the Transaction is subject to necessary shareholder and regulatory approvals and other conditions. It is expected that the Transaction will be completed by the last quarter of 2018 or the first quarter of 2019.

LR/AIM Rules transactions

Announcement date Company Industry sector Key information
7 November 2017 European Wealth Group Limited Financial services European Wealth has announced a related party transaction under the AIM Rules.
2 November 2017 Norcros plc Construction Norcros announced a class 1 transaction under the Listing Rules.

Reorganisations

Announcement date Company Industry sector Key information
10 November 2017 Oxford Pharmascience Group plc Pharmaceuticals & biotechnology Oxford Pharmascience Group plc announcedthat it is seeking shareholder approval to subdivide and re-classify each of its existing shares in 1 new share of £0.00001 and 1 participating deferred share of £0.00099, in order to effect its demerger. If the reorganisation is approved, the new ordinary shares will be re-admitted to trading on AIM. Following the subdivision, each existing shareholder’s proportionate holding of new shares out of the Company’s total issued share capital shall remain unchanged.
Once the capital reductions are approved by the Court, the participating deferred shares will be cancelled and the Company shall distribute to the participating deferred shareholders in specie substantially all of its holding of Oxford Pharmascience Limited (OPL) shares on the basis of 1 OPL Share for every 25 participating deferred shares held. Fractional entitlements will be ignored.
As at 10 November 2017, the Company had 1,205,661,619 existing ordinary shares in issue. Following the subdivision, the Company will have 1,205,661,619 participating deferred shares of £0.00099 and 1,205,661,619 new shares of £0.00001.
The Company will not hold any residual OPL shares following the demerger.
Further information can be found in a shareholder circular, published on 10 November 2017.
6 November 2017 Agriterra Ltd Food & beverages Agriterra Ltd has announced a share consolidation based on every 100 existing ordinary shares of 0.1p each being consolidated into on new ordinary share of 10p each.
As at 3 November 2017, the Company had 2,124,061,769 existing ordinary shares. Following the proposed share consolidation, the Company will have 21,240,618 new ordinary shares of 10p each in issue. The record date of the share consolidation will be 30 November 2017, with trading in the new ordinary shares expected to commence at 8am on 1 December 2017.
As all existing ordinary shareholdings in the Company are proposed to be consolidated, the proportion of the issued ordinary share capital of the Company held by each shareholder immediately before and after the share consolidation will remain relatively unchanged.

Returns of value to shareholders

Announcement date Company Industry sector Key information
6 November 2017 Smith & Nephew plc Healthcare Smith & Nephew  announced that the company will commence a share buyback programme of 651,862 of its ordinary shares of US$0.20 each through Merrill Lynch International.
The purpose of this buy back programme is to reduce the share capital of the company, in order to keep it broadly constant. The maximum pecuniary amount allocated to the buy back programme is £10,000,000 and the maximum number of shares that will be purchased under the buy back programme is 651,862.
The buy back programme will commence on 7 November 2017 and will end no later than 15 November 2017.

Secondary offers

Announcement date Issuer Industry sector Key information
9 November 2017 IQE plc Electronics IQE has announced a non pre-emptive cash placing of up to 67,941,581 new ordinary shares of 1 pence each in the company. The shares will be issued at a price of 140 pence each and will represent up to approximately 9.9% of the company's current issued ordinary share capital.
8 November 2017 SolGold plc Mining, metals & extraction SolGold has announced a private placement of 180,000,000 ordinary shares at a price of 25 pence per Ordinary Share for aggregate gross proceeds of £45 million.
The offering is expected to close on or about November 30, 2017 and is subject to certain closing conditions including, but not limited to, the receipt of all necessary approvals including the conditional listing approval of the London Stock Exchange and the Toronto Stock Exchange.

Takeovers

Announcement date Deal Industry sector Key information
6 November 2017 Aldermore Group plc offer by FirstRand Limited Financial services FirstRand announced a take over offer for Aldermore by a way of scheme of arrangement. The value of consideration of the offer is £1.1 billion. Aldermore shareholders will receive for each ordinary share 313 pence in cash.
This follows from the possible offer approach by FirstRand announced on 13 October 2017.

Relevant Articles
Area of Interest