Market Tracker weekly round-up—14 June 2019

Market Tracker weekly round-up—14 June 2019

Weekly round-up of the latest corporate announcements, including a recommended all-share merger between Porta Communications plc and SEC S.p.A, reverse takeovers of Anglo African Agriculture plc by Comarco Group and associated port operations, and JPJ Group plc by Gamesys (Holdings) Limited, a possible intention to float by Argentex Group plc, a secondary offer by Yew Grove REIT plc, capital reorganisations by 7digital Group plc, Alexander Mining plc and Amryt Pharma plc, a joint venture between EVR Holdings plc and The John Gore Organisation, a share buyback by Ferguson plc, special dividend by Cineworld Group plc, and 10 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 5,000 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
14 June 2019Telford Homes plcConstructionTelford Homes plc has announced that its 2019 AGM will be held on 11 July 2019.
12 June 2019QinetiQ Group plcAerospace & defenceQinetiQ Group has announced that its 2019 AGM will be held on 24 July 2019.
12 June 2019Workspace Group plcInvestmentWorkspace Group has announced that its 2019 AGM will be held on 11 July 2019.
12 June 2019Young & Co’s Brewery plcTravel, Hospitality, Leisure & TourismYoung & Co’s Brewery has announced that its 2019 AGM will be held on 9 July 2019.
11 June 2019British Land Co plcInvestmentBritish Land Co has announced that its 2019 AGM will be held on 19 July 2019.
11 June 2019Homeserve plcProfessional ServicesHomeserve has announced that its 2019 AGM will be held on 19 July 2019.
11 June 2019Halma plcElectronicsHalma has announced that its 2019 AGM will be held on 25 July 2019.
11 June 2019Pets At Home Group plcRetail & Wholesale TradePets At Home Group has announced that its 2019 AGM will be held on 11 July 2019.
10 June 2019Scapa Group plcChemicalsScapa Group has announced that its 2019 AGM will be held on 23 July 2019.
10 June 2019Tate & Lyle plcFood & BeveragesTate & Lyle has announced that its 2019 AGM will be held on 25 July 2019.

Capital reorganisations

Announcement dateCompanyIndustry sectorKey information
12 June 2019Amryt Pharma plcPharmaceuticals & BiotechnologyAmryt Pharma has announced a capital reorganisation to reduce the total number of shares in issue. The purpose of the reorganisation is to increase the value of the company's shares to a figure more appropriate for a listed company in light of the proposed acquisition of Aegerion Pharmaceuticals, Inc. and associated increase in scale of the enlarged group. 
10 June 2019Alexander Mining plcMining, Metals & ExtractionAlexander Mining has announced a general meeting for approval of a proposed capital re-organisation. The market value of Alexander's ordinary shares has fallen below their nominal value which is currently 0.1 pence. Accordingly, the company proposes to implement the proposed capital re-organisation to enable further issues of shares in the future.
7 June 20197digital Group plcRetail & Wholesale Trade7digital Group has announced a capital reorganisation involving a subdivision of each existing ordinary share of one penny into one new share of 0.01 pence and one deferred A share of 0.99 pence.

IPOs

Announcement dateIssuerIndustry sectorKey information
11 June 2019Argentex Group plcFinancial ServicesArgentex Group has announced its intention to float on AIM, with an expected admission date of 25 June 2019. The admission document will be made available on the Company's website.

Joint ventures

Announcement dateDealIndustry sectorKey information
7 June 2019EVR Holdings plc and The John Gore OrganisationMedia & TelecommunicationsEVR Holdings has announced that it has entered into a binding heads of terms for a strategic partnership with The John Gore Organisation via JGO's subsidiary; Broadway Channel LLC in order to facilitate the VR capture, production and distribution of Broadway theatre content globally. 

Returns of value to shareholders

Announcement dateCompanyIndustry sectorKey information
13 June 2019Cineworld Group plcTravel, Hospitality, Leisure & TourismCineworld has announced that it will pay a special dividend of 15.98 pence (US 20.27 cents) per ordinary share, with an aggregate value of £219.18 million (US$ 278.1 million). 
11 June 2019Ferguson plcProfessional services
Construction
Ferguson has announced a £393.32 million (US$500 million) share buyback programme.

Reverse takeovers

Announcement dateCompanyIndustry sectorKey information
13 June 2019JPJ Group plc acquisition of Gamesys (Holdings) LimitedTravel, Hospitality, Leisure & TourismJPJ Group has announced that it has entered into a conditional agreement to acquire the business of Gamesys (Holdings) Limited, excluding sports brands and games, for a mixture of cash and new JPJ shares. 
Owing to its size, the acquisition constitutes a reverse takeover for the purposes of the Listing Rules.
10 June 2019Anglo African Agriculture plc acquisition of Comarco Group and associated port operationsAgriculture & ForestryAnglo African Agriculture (AAA) has announced that it has signed conditional share purchase agreements to acquire the entire issued share capital of a number of companies within the Comarco group of companies that are based in Kenya and engaged in the port and marine logistics business, subject, among other things, to an equity fundraising, the publication of a prospectus and shareholder approval in general meeting.
The proposed acquisition, if completed, would result in current AAA shareholders having a minority interest (expected to be less than 5%) in the enlarged group and would constitute a reverse takeover under the Listing Rules. It remains subject to certain conditions being met, including an equity fundraising to provide sufficient working capital for the enlarged group.

Secondary offers

Announcement dateIssuerIndustry sectorKey information
13 June 2019Yew Grove REIT plcInvestmentYew Grove REIT has announced a proposed placing of between 8.0 million and 10.0 million initial placing shares of nominal value £0.01 (€0.01), each at a price of £0.89 (€1.00) as part of the initial placing, which will represent the first tranche of the share issuance programme.

Takeovers

Announcement dateDealIndustry sectorKey information
11 June 2019Porta Communications plc offer by SEC S.p.A Media & TelecommunicationsPorta Communications and SEC have announced the terms of a recommended all-share merger between the two companies. The transaction is to be structured by way of a scheme of arrangement.
This follows Porta Communucation’s announcement had it had entered into a possible all-share merger with SEC.
Scheme shareholders will be entitled to receive 1 new SEC share for every 88.4955752 scheme shares.

 

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