Market Tracker weekly round-up—11 May 2018

Weekly round-up of the latest corporate announcements, including an offer for ZPG plc by Zephyr Bidco Limited, a possible offer for Virgin Money Holdings (UK) plc by CYBG plc, a secondary offer by Renew Holdings plc, reorganisations by Inspirit Energy Holdings plc and International Consolidated Airlines Group SA, proposed share buyback programmes by Coca-Cola HBC AG and RDI REIT, and 5 AGM Notices.

The daily round-up covers all deals announced until 12 noon on the date of the daily round-up from 12 noon on the previous business day. Any deals announced after this time frame will be included in the following daily round-up.

The information contained in the daily round up is transferred to the weekly round up on a Friday. All announcement data is republished in the monthly round up at the end of the month. To access previous monthly round ups please visit the Market Tracker topic or the News tab on the Corporate homepage

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

For specific analysis and commentary on some of the key deals currently being tracked by Market Tracker, in particular certain noteworthy public company takeovers and equity capital market transactions, see Market Tracker—key deal analysis and latest developments.

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

New deals (and AGMs) announced:

AGMs

Announcement date Deal Industry sector Key information
11 May 2018 Saga plc Consumer products Saga has announced that its 2018 AGM will be held on 21 June 2018.
10 May 2018 Tesco plc Retail & wholesale trade Tesco has announced that its 2018 AGM will be held on 15 June 2018.
8 May 2018 Coca-Cola HBC AG Food & beverages Coca-Cola HBC has announced that its 2018 AGM will be held on 11 June 2018.
8 May 2018 International Consolidated Airlines Group, S.A. Travel, hospitality, leisure & tourism International Consolidated Airlines Group hasannounced  that its 2018 AGM will be held on 14 June 2018.
4 May 2018 M&C Saatchi plc Media & telecommunications M&C Saatchi has announced that its 2018 AGM will be held on 6 June 2018.

Reorganisations

Announcement date Company Industry sector Key information
8 May 2018 International Consolidated Airlines Group SA Aerospace & defence International Consolidated Airlines has announced a proposed reduction of capital by means of the cancellation of up to 185 million shares. The maximum amount of the capital reduction proposed to the shareholders’ meeting is £81,335,250 (€92.5 million).
4 May 2018 Inspirit Energy Holdings plc Construction Inspirit Energy Holdings has announced a proposed capital reorganisation by way of a sub-division of the company’s ordinary share capital.
It is proposed therefore that each existing ordinary share of 0.1 pence each in the capital of the company be sub-divided into 1 new ordinary shares of 0.001 pence each and 1 B deferred share of 0.099 pence each. This will result in 1,420,806,857 new ordinary shares and 1,420,806,857 B deferred shares being in issue immediately following the sub-division.
The company is proposing to hold a general meeting to consider and approve the capital reorganisation.

Returns of value to shareholders

Announcement date Company Industry sector Key information
9 May 2018 RDI REIT Investment Property RDI has  announced a share buyback programme of up to approximately £7 million RDI ordinary shares. The purpose of the programme is to reduce the share capital of the company and mitigate the dilutive effect of the anticipated issue of shares pursuant to the scrip dividend alternative announced on 25 April 2018.
5 May 2018 Coca-Cola HBC AG Food & beverages Coca-Cola HBC AG has announced a share buyback programme to buy back up to 7,500,000 ordinary shares in order to (i) avoid dilution resulting from the issuance of stock options and (ii) meet the requirements of the Coca-Cola HBC employee incentive scheme.
The company will seek shareholder approval at the annual general meeting on 11 June 2018.

Secondary offers

Announcement date Company Industry sector Key information
5 May 2018 Renew Holdings plc Engineering & manufacturing Renew Holdings has announced a placing of 12,676,056 new ordinary shares of 10 pence each, at a price of 3 pence per share with new and existing investors. Renew Holdings aims to raise £45 million in gross proceeds from the placing, which will be used in part to fund the acquisition of QTS Group Limited.
Admission is expected to take place at 8.00am on 10 May 2018.

Takeovers

Announcement date Deal Industry sector Key information
11 May 2018 ZPG plc offer by Zephyr Bidco Limited Media & telecommunications
Investment
Silver Lake Management has announced a recommended cash acquisition of the entire issued and to be issued ordinary share capital of ZPG by its wholly-owned indirect subsidiary, Zephyr Bidco Limited. The acquisition is to be effected by means of a scheme of arrangement (Scheme) under Part 26 of the Companies Act.
Under the terms of the acquisition, Scheme shareholders shall be entitled to receive 490 pence in cash for each Scheme share. The acquisition values the entire issued ordinary share capital of ZPG at approximately £2.2 billion on a fully diluted basis.
7 May 2018 Virgin Money Holdings (UK) plc possible offer by CYBG plc Banking & finance CYBG has announced a possible offer Virgin Money Holdings (Virgin) based on an exchange ratio of 1.1297 new CYBG shares for each Virgin share. Under the terms of the proposal, Virgin shareholders would own approximately 36.5% of the combined group.
The put up or shut up deadline (PUSU) is on 4 June 2018.

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