Market Tracker weekly round-up—12 April 2019

Weekly round-up of the latest corporate announcements, including possible offers by Grada World Security Corporation for G4S plc and SEC S.p.A  for Porta Communications plc, a commencement of offer period by AEW UK Long Lease REIT plc, an IPO by Mena Land plc, secondary offers by Hipgnosis Songs Fund Limited, Yellow Cake plc, Entertainment One Limited and Globalworth Real Estate Investments Limited, reverse takeovers by SEC S.p.A, appScatter Group plc and Contango Holdings plc, capital reorganisations by Tasty plc, Shefa Yamim Ltd and SDX plc, a return of value by Sports Direct International plc, a joint venture between Ted Baker plc and Shanghai LongShang Trading Company Ltd, related party transactions under the AIM rules by Independent Oil & Gas plc, Globalworth Real Estate Investments Limited and Independent Oil & Gas plc, a transfer from the Main Market to AIM by Renold plc, delistings by Worldpay Inc and Safeland plc, and 15 AGM notices.

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.

All transactions covered in this update are available on the Market Tracker deal analysis tool containing over 4,900 public company deal summaries.

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

New deals (and AGMs) announced:

AGMs

Announcement dateCompanyIndustry sectorKey information
12 April 2019Computacenter plcComputing & ITComputacentre has announced that its 2019 AGM will be held on 16 May 2019.
12 April 2019Plus500 plcFinancial ServicesPlus500 has announced that its 2019 AGM will be held on 18 June 2019.
11 April 2019Camellia plcFood & BeveragesCamellia plc has announced that its 2019 AGM will be held on 6 June 2019.
11 April 2019Hiscox LtdFinancial ServicesHiscox Ltd has announced that its 2019 AGM will be held on 16 May 2019.
11 April 2019IWG plcProfessional ServicesIWG has announced that its 2019 AGM will be held on 14 May 2019.
11 April 2019Playtech plcTravel, Hospitality, Leisure & TourismPlaytech has announced that its 2019 AGM will be held on 15 May 2019.
10 April 2019Avast plcComputing & ITAvast plc has announced that its 2019 AGM will be held on 23 May 2019.
9 April 2019St James’s Place plcFinancial ServicesSt James’s place has announced that its 2019 AGM will be held on 14 May 2019.
9 April 2019TI Fluid Systems plcAutomotiveTI Fluid Systems announced that its 2019 AGM will be held on 16 May 2019.
8 April 2019Bakkavor plcFood & BeveragesBakkavor announced that its 2019 AGM will be held on 23 May 2019.
8 April 2019Bovis Home Group plcConstructionBovis Home Group announced that its 2019 AGM will be held on 22 May 2019.
8 April 2019Funding Circle Holdings plcComputing & ITFunding Circle Holdings announced that its 2019 AGM will be held on 5 June 2019.
8 April 2019Keywords Studios plcProfessional ServicesKeywords Studios announced that its 2019 AGM will be held on 25 May 2019.
5 April 2019Melrose Industries plcConstructionMelrose Industries announced that its 2019 AGM will be held on 9 May 2019.
5 April 2019Rightmove plcMedia & TelecommunicationsRightmove announced that its 2019 AGM will be held on 10 May 2019.

Capital reorganisations

Announcement dateCompanyIndustry sectorKey information
12 April 2019Tasty plcTravel, Hospitality, Leisrue & TourismTasty announced that their existing ordinary shares currently trade below their nominal value of 10 pence and cannot issue shares at a price below their nominal value accordingly to the Companies Act. The board proposes to sub-divide each existing ordinary share into one ordinary share of 0.1 pence each and one deferred share of 9.9 pence each. The effect of this will be to reduce the nominal value of an existing ordinary share from 10 pence to 0.1 pence, which is well below the issue price and therefore enable Tasty to proceed with the firm offer and open offer.
11 April 2019Shefa Yamim LtdMining, Metals & ExtractionShefa Yamim announced a subdivision of shares to address the lack of liquidity in its shares. Shefa Yamim will be conducting the subdivision at a 10 for 1 share split.Shareholders should multiply their existing ordinary shares by 10 to get their number of new ordinary shares.
8 April 2019SDX Energy Inc.Oil & GasSDX Energy announced that it entered into an arrangement agreement between SDX Canada and SDX Energy plc (SDX UK), a wholly owned subsidiary of SDX Energy. SDX UK will purchase the entire issued shares of SDX Canada in exchange for new ordinary shares in SDX UK on a one-for-one basis to facilitate SDX Canada’s proposed reorganisation to effect a re-domicile to the United Kingdom.

Delistings

Announcement dateDelisting companyIndustry sectorKey information
11 April 2019Telefonica SAMedia and TelecommunicationsTelefonica announced the proposed cancellation of its shares from trading on the Main Market.
10 April 2019Worldpay IncFinancial ServicesWorldpay announced an intention to cancel its listing on the Main Market. The delisting is expected to take place on 20 May 2019.
8 April 2019Safeland plcPropertySafeland announced the proposed cancellation of its shares to trading on AIM.

IPOs

Announcement dateIssuerIndustry sectorKey information
9 April 2019Mena Land plcPropertyMena Land announced an intention to float on the Main Market. Admission commenced on 11 April 2019.

Joint ventures

Announcement dateDealIndustry sectorKey information
10 April 2019Ted Baker plc and Shanghai LongShang Trading Company LtdConsumer ProductsTed Baker announced that it entered into an agreement with Shanghai LongShang Trading Company (Shanghai LongShang) to create a Joint Venture in Mainland China, Hong Kong and Macau. Under the joint venture agreement, Shanghai LongShang will assign its rights to a newly incorporated Hong Kong investment vehicle to be wholly owned and formed by LongGoal Holdings Co Limited and Infra-Apparel Group Pte Ltd.
Ted Baker will issue shares of £5.7 million of its wholly owned subsidiary Ted Baker Hong Kong to LongGoal Holdings Co Limited and Infra-Apparel Group Pte Ltd in return for a 50% interest in the shares in Ted Baker Hong Kong. Ted Baker is contributing £3.4 million in cash.
The joint venture is conditional on the approval of three Chinese governmental authorities, being NDRC, MOFCOM and SAFE, which will be responsible for operating Ted Baker exclusively in Mainland China, Hong Kong and Macau.

LR/AIM Rules transactions

Announcement dateCompanyIndustry sectorKey information
12 April 2019Entertainment One LimitedMedia and TelecommunicationsEntertainment One announced a related party transaction under the AIM rules.
10 April 2019Independent Oil & Gas plcOil & GasIndependent Oil & Gas announced a related party transaction under the AIM rules.
8 April 2019Globalworth Real Estate Investments LimitedPropertyGlobalworth announced a related party transaction under the AIM rules.

Returns of value to shareholders

Announcement dateCompanyIndustry sectorKey information
11 April 2019Sports Direct International plcRetail & Wholesale TradeSports Direct International announced that it entered into an agreement with Liberum Capital Limited to conduct a share buyback programme. The aggregate purchase price of all shares acquired will be no greater than £15 million. The maximum number of shares that may be purchased will be 5,000,000 ordinary shares.The buyback will be conducted within certain pre-set parameters, and in accordance with the repurchase shares granted by the shareholders at the 2018 annual general meeting.

Reverse takeovers

Announcement dateCompanyIndustry sectorKey information
10 April 2019SEC S.p.A acquisition of Porta Communications plcMedia & TelecommunicationsSEC announced that it entered into a potential all share merger with Porta Communication. The potential merger would be classed as a reverse takeover for SEC under the AIM Rules for Companies. The proposed terms of the potential merger are 0.0113 SEC ordinary shares for each Porta ordinary share.
SEC is also subject to Rule 2.6 of the Takeover Code and the PUSU deadline is on 7 May 2019.
9 April 2019appScatter Group plc acquisition of Airpush, Inc.Computing & ITappScatter Group announced its intention to acquire Airpush a US technological company specialising in app monetisation which, if approved and completed would constitute a reverse takeover for the purposes of the AIM Rules for Companies.The proposed acquisition will be funded by the issue of further new ordinary shares in appScatter, subject to approval by shareholders of appScatter.
9 April 2019Contango Holdings plc acquisition of the Lubu Coalfield ProjectInvestmentContango Holdings announced a possible acquisition of Consolidated Growth Holdings Limited's interest in the Lubu Coalfield project in Zimbabwe. To satisfy the acquisition, Contango Holdings is issuing £6.450 million of ordinary shares to Consolidated Growth Holdings at a price of £0.05 each.  
This transaction constitutes a reverse takeover under the Listing Rules.

Secondary offers

Announcement dateIssuerIndustry sectorKey information
12 April 2019Hipgnosis Songs Fund LimitedInvestmentHipgnosis Songs Fund announced a placing to raise gross proceeds of up to £100 million. The shares are expected to admit to trading on 30 April 2019.
12 April 2019Yellow Cake plcMining, Metals & ExtractionYellow Cake announced a placing to raise £22.9 million in gross proceeds, through an accelerated bookbuild. The shares will be admitted to trading on 16 April 2019
12 April 2019Entertainment One LimitedMedia and TelecommunicationsEntertainment One announced the successful completion of the placing of 28,900,000 shares at a price of 450 pence per share, raising gross proceeds of £130 million. The shares will be admitted to trading on 16 April 2019.
8 April 2019Globalworth Real Estate Investments LimitedPropertyGlobalworth Real Estate announced a proposed placing. The placing will be conducted by way of an accelerated bookbuild, and shares will be priced at £7.85 each. Admission of the shares to trading commenced on 9 April 2019.

Takeovers

Announcement dateDealIndustry sectorKey information
11 April 2019AEW UK Long Lease REIT plc - commencement of offer periodInvestmentAEW UK Long REIT announced on 10 April 2019 that it is conducting a strategic review and is now considered to be in an offer period.
10 April 2019G4S plc possible offer by Grada World Security CorporationProfessional ServicesGrada World Security announced that it is in the preliminary stages of considering an approach to the board of G4S regarding a possible cash offer.The PUSU deadline is on 8 May 2019.
10 April 2019Porta Communications plc possible offer by SEC S.p.A Media & TelecommunicationsPorta Communications announced that it has entered into a potential share merger with SEC .The potential merger would create a strategic communications company of scale with offices in key markets across the UK, Europe, the Middle East, APAC and South America.
The PUSU deadline is on 7 May 2019.

Transfers from the Main Market to AIM

Announcement dateIssuerIndustry sectorKey information
11 April 2019Renold plcEngineering & ManufacturingRenold announced the cancellation of the company’s listing on the Main Market and admission to AIM. The transfer is subject to shareholder approval. The company’s General Meeting will be held on 8 May 2019.

 

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