Market Tracker weekly round-up—14 September 2018

Weekly round-up of the latest corporate announcements, including separate possible offers from Bain Capital Private Equity L.P, and Apollo Capital Management, LLC for RPC Group plc, a recommended cash offer by Promethean Investments LLP for Produce Investments plc, IPOs by Merian Chrysalis Investment Company Limited, Mobius Investment Trust plc, Vannin Capital Holdings and Multifamily Housing REIT, a demerger by Investec plc, secondary offers by TI Fluid Systems plc and Ideagen plc, a joint venture between Cradle Arc plc and Mukuyu Resources (Mali) Limited, a reverse takeover by Polemos plc, delistings by Zamano plc, EF Realisation Company Limited and OneView Group plc, a related party transaction by Ideagen plc, a return of value by Morrison (WM) Supermarkets plc and AGM notices by Galliford Try plc and Ashmore Group plc.

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 3000 public company deal summaries.

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

New deals (and AGMs) announced:

AGMs

Announcement date Company Industry sector Key information
13 September 2018 Ashmore Group plc Financial services Ashmore has announced that its 2018 AGM will be held on 19 October 2018.
12 September 2018 Galliford Try plc Construction Galliford Try has announced that its 2018 AGM will be held on 9 November 2018.

Delistings

Announcement date Delisting company Industry sector Key information
11 September 2018 OneView Group plc Computing & IT OneView has announced that it intends to cancel the admission on AIM of its ordinary shares. The board consider the cancellation to be in the best interests of the company due to the costs associated with being a quoted company.
The delisting is conditional upon shareholder approval, and notice of a GM on 27 September 2018 has been provided via circular. It is anticipated that cancellation of admission to trading on AIM will become effective at 7:00 a.m. 11 October 2018.
10 September 2018 EF Realisation Company Limited Investment EF Realisation Company has announced that it intends to cancel its shares from trading on the London Stock Exchange’s Main Market. The board consider it to be in the best interests of the company to return an estimated £38.7 million (86.1 pence per share) to shareholders through placing the company in voluntary liquidation.
The delisting is conditional upon shareholder approval, and notice of an EGM on 24 September 2018 has been provided via circular. It is anticipated the cancellation of the company’s shares will be effective by 30 September 2018.
7 September 2018 Zamano plc Media & telecommunications Zamano announced that as a result of the company's shares remaining suspended for a period of six months, the company's shares will be delisted by both AIM and ESM and admission of the company's shares to trading on both exchanges will be cancelled.

Demergers

Announcement date Company Industry sector Key information
14 September 2018 Investec plc Investment
Financial services
Investec plc has announced plans to demerge and publicly list its Investec Asset Management business.
The Investec Specialist Banking and Investec Wealth & Investment businesses will remain part of the Group's current dual listed companies structure.
The Board believes that this transaction simplifies the Group and focuses Investec Asset Management and the remaining Group on their respective growth paths, which will enhance the long-term prospects and potential of both businesses for the benefit of their shareholders, clients and employees.

IPOs

Announcement date Issuer Industry sector Key information
12 September 2018 The Multifamily Housing REIT plc Property
Investment
The Multifamily Housing REIT announced its intention to list on the Main Market of the London Stock Exchange. Admission is expected on 28 September 2018.
10 September 2018 Merian Chrysalis Investment Company Limited Investment Merian Chrysalis announced its intention to float on the Main Market of the London Stock Exchange. The prospectus relating to the IPO is expected to be published in October.
10 September 2018 Mobius Investment Trust plc Investment Mobius Investment Trust announced its intention to float on the Main Market fo the London Stock Exchange. Admission is expected on 1 October 2018.
10 September 2018 Vannin Capital Financial services Vannin Capital announced its intention to float on the Main Market of the London Stock Exchange. It is expected that admission will occur in October 2018.

Joint ventures

Announcement date Deal Industry sector Key information
10 September 2018 Cradle Arc plc and Mukuyu Resources (Mali) Limited Mining, metals & extraction Cradle Arc has announced that Caracal Gold Mali SARL, its wholly owned subsidiary, has entered into a joint venture agreement with Mukuyu Resources (Mali) Limited for the exploration and development of Cradle Arc's 137 km2 Kossanto West Gold Project in western Mali. Mukuyu is a wholly owned subsidiary of Indiana Resources Limited an ASX listed base and precious metals exploration company.

LR/AIM Rules transactions

Announcement date Company Industry sector Key information
13 September 2018 Ideagen plc IT& Computing Ideagen announced a related party transaction under the AIM rules.

Returns of value to shareholders

Announcement date Company Industry sector Key information
13 September 2018 Morrison (WM) Supermarkets plc Retail & wholesale trade Morrison (WM) Supermarkets announced a special interim dividend of 200 pence per share. This is in addition to an interim ordinary dividend of 1.85 pence per share and will be paid on 5 November 2018.

Reverse takeovers

Announcement date Company Industry sector Key information
10 September 2018 Polemos plc acquisition of Digitalbox Publishing (Holdings) Ltd Media & telecommunications Polemos announced that it has agreed conditional heads of terms to acquire the entire issued share capital of Digitalbox Publishing, subject to certain conditions and due diligence.
The proposed acquisition would constitute a Reverse Takeover pursuant to AIM Rule 14, and the company's shares will remain suspended pending the publication of the required AIM admission document and shareholder approval of the acquisition.

Secondary offers

Announcement date Issuer Industry sector Key information
14 September 2018 Tsarus Group plc Media & telecommunications Tsarus Group announced a placing to raise minimum gross proceeds of £24 million, by way of an accelerated bookbuild.
13 September 2018 Ideagen plc IT& Computing Ideagen announced a placing to raise approximately £20 million, by way of an accelerated bookbuild. Prior to the placing, 14,084,507 new ordinary shares will be issued, at a price of 142 pence per share. Admission of the placing shares is expected on 20 September 2018.
12 September 2018 TI Fluid Systems plc Automotive TI Fluid Systems announced a placing, by way of an accelerated bookbuild to raise gross proceeds of £157.2 million.

Takeovers

Announcement date Deal Industry sector Key information
11 September 2018 Produce Investments plc offer by Promethean Investments LLP Food & beverages Produce Investments announced it received a recommended cash offer with an unlisted partial share and loan note alternative to be made by Promethean Investments, through its wholly owned subsidiary, April 1983 Bidco Limited, for the entire issued and to be issued share capital of Produce Investments. The offer is structured by way of a contractual offer.The cash consideration values the entire issued share capital of Produce Investments at approximately £52.95 million and the fully diluted share capital of Produce Investments at £55.29 million.
10 September 2018 RPC Group plc possible offers by Bain Capital Private Equity L.P and by Apollo Global Management, LLC Engineering & manufacturing RPC announced it received two separate possible offers from Bain Capital and Apollo Global for its entire issued and to be issued share capital.The put up or shut up deadline is on 8 October 2018.
Filed Under: Round-ups

Relevant Articles
Area of Interest