Market Tracker weekly round-up—14 July 2017

Weekly round-up of the latest corporate announcements, including a recommended cash offer by Rich Pro Investments Limited for ASA Resource Group plc, secondary offers by Accesso Technology, Marlowe plc, Work Group plc, and TP Group plc, reorganisations by Global Ports Holding plc and Work Group plc, returns of value to shareholders by SafeCharge International Group Limited and Pearson plc, a LR/AIM Rules transaction by TP Group plc, and AGM notices by Stagecoach Group plc and Sports Direct International plc.

New deals (and AGMs) announced:

AGMs

Announcement date Company Key information
14 July 2017 Stagecoach Group plc Stagecoach has announced its 2017 AGM will be held on 25 August 2017.
12 July 2017 Sports Direct International plc Sports Direct announced that its 2017 AGM will be held on 6 September 2017.

LR/AIM Rules transactions

Announcement date Company Key information
10 June 2017 TP Group plc TP Group announced a related party transaction under Rule 13 of the AIM Rules.

Reorganisations

Announcement date Company Key information
13 July 2017 Global Ports Holding plc Global Ports Holding  announced that the reduction of capital and cancellation of the share premium account described in the prospectus issued by the company on 2 May 2017 has been approved by the High Court.
The nominal value of each of the ordinary shares in the capital of the company has been reduced from £5.00 to £0.01, whereas the total equity of the company remains unchanged, and the reduction of capital has created distributable reserves of approximately £332.3 million for the company.
12 July 2017 Work Group plc Work Group announced a proposed share capital reorganisation of its existing ordinary share capital by consolidating and sub-dividing every 32 existing ordinary shares into 1 new ordinary share of 1p each and 1 deferred share of 63p each.
The company is also proposing a capital reduction by the cancellation of its share premium account and cancellation of the deferred shares created by the capital reorganisation.

Returns of value to shareholders

Announcement date Deal Key information
11 July 2017 SafeCharge International Group Limited SafeCharge International announced it purchased for treasury 1,500,000 ordinary shares of US $0.0001 in the Company at price of 270 pence per share.
11 July 2017 Pearson plc Pearson announced an agreement to sell a 22% stake in the Penguin Random House Venture to their partner Bertelsmann SE & Co KGaA and recapitalise the business.

Secondary offers

Announcement date Issuer Key information
13 July 2017 Accesso Technology Accesso Technology announced a placing of 3,631,342 new ordinary shares of £0.01.
The shares will be issued pursuant to the vendor and cash placing, at a placing price of 1,620 pence per new ordinary share. The placing is estimated to raise gross proceeds of approximately £59.9 million.
13 July 2017 Marlowe plc Marlowe announced a placing to raise approximately £10 million. The proceeds of the placing (along with existing debt facilities) will be used to fund the cash consideration of the company’s acquisition of DCUK.
11 July 2017 Work Group plc Work Group  announced its intention to raise up to £20 million via an accelerated bookbuild placing of up to 457,142,857 new ordinary shares, at a price of 4.375 pence per share.
The net proceeds of the placing are expected to total up to £18 million.
10 July 2017 TP Group plc TP announced a conditional fundraising of up to approximately £23.9 million in aggregate, by way of the issue and allotment of up to 368,044,411 new ordinary shares at 6.5 pence per new ordinary share.

Takeovers

Announcement date Deal Key information
12 July 2017 ASA Resource Group plc — offer by Rich Pro Investments Limited Rich Pro Investments announced a recommended all cash offer for AIM-listed ASA Resource Group plc for a consideration value of £35.5 million. The offer is structured as a scheme of arrangement.

The weekly round-up covers all deals announced from 2pm on the Monday of the previous week until 2pm on the Monday of the current week. Any deals announced after this time will be included in the following day's round-up.

Relevant Articles
Area of Interest