Market Tracker weekly round-up—15 March 2019

Market Tracker weekly round-up—15 March 2019

Weekly round-up of the latest corporate announcements, including a recommended cash offer for Manx Telecom plc by Basalt Infrastructure Partners II GP Limited and a possible offer for Charter Court Financial Services Group plc by OneSavings Bank plc, a possible IPO by Network International Holdings Ltd, secondary offers by City of London Group plc, Just Group plc, Globalworth Real Estate Investments Limited, i3 Energy plc, Warehouse REIT plc and Supermarket Income REIT plc, capital reorganisactions by Tau Capital plc and Plexus Holdings plc, a joint venture between PPHE Hotel Group Limited and Largo 542 West 29th Street Partners LLC, returns of value by Ei Group plc, Oakley Capital Investments Limited and Standard Life Aberdeen plc, LR/AIM Rules by City of London plc and Just Group plc and 22 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 4,800 public company deal summaries.

The Market Tracker weekly bulletin looks in more detail at the latest transaction developments, mini trends and analysis of corporate deal documents. For trend reports and other analysis see our Trend Reports subtopic.

New deals (and AGMs) announced:

AGMs

Announcement dateCompanyIndustry sectorKey information
15 March 2019Coca Cola HBC AGFood & BeveragesCoca Cola HBC has announced that its 2019 AGM will be held on 18 June 2019.
15 March 2019Fidelity European Values plcInvestmentFidelity European Values announced that its 2019 AGM will be held on 13 May 2019.
14 March 2019Capita plcProfessional ServicesCapita has announced that its 2019 AGM will be held on 14 May 2019.
14 March 2019Charter Court Financial Services Group plcFinancial ServicesCharter Court Financial Services Group has announced that its 2019 AGM will be held on 15 May 2019.
14 March 2019Cineworld Group plcTravel, Hospitality, Leisure & TourismCineworld Group has announced that its 2019 AGM will be held on 15 May 2019.
14 March 2019Indivior plcPharmaceuticals & BiotechnologyIndivior has announced that its 2019 AGM will be held on 8 May 2019.
14 March 2019Just Group plcFinancial ServicesJust Group has announced that its 2019 AGM will be held on 16 May 2019.
14 March 2019Marshalls plcConstructionMarshalls has announced that its 2019 AGM will be held on 15 May 2019.
14 March 2019OneSavings Bank plcFinancial ServicesOneSavings Bank has announced that its 2019 AGM will be held on 9 May 2019.
14 March 2019Royal Dutch Shell plcOil & GasRoyal Dutch Shell has announced that its 2019 AGM will be held on 21 May 2019.
13 March 2019Hunting plcOil & GasHunting has announced that its 2019 AGM will be held on 17 April 2019.
13 March 2019Standard Life Aberdeen plcFinancial ServicesStandard Life Aberdeen has announced that its 2019 AGM will be held on 14 May 2019
12 March 2019Cairn Energy plcOil & GasCairn Energy has announced that its 2019 AGM will be held on 17 May 2019.
12 March 2019Domino’s Pizza Group plcTravel, Hospitality, Leisure & TourismDomino’s Pizza Group has announced that its 2019 AGM will be held on 18 April 2019.
12 March 2019Equiniti Group plcProfessional ServicesEquiniti Group has announced that its 2019 AGM will held on 2 May 2019.
12 March 2019Grafton Group plcProfessional ServicesGrafton Group plc has announced that its 2019 AGM will be held on 8 May 2019.
12 March 2019G4S plcProfessional ServicesG4S has announced that its 2019 AGM will be held on 16 May 2019.
12 March 2019Lancashire Holdings LimitedFinancial ServicesLancashire Holdings has announced that its 2019 AGM will be held on 1 May 2019.
12 March 2019888 Holdings plcTravel, Hospitality, Leisure & Tourism888 Holdings has announced that its 2019 AGM will be held on 21 May 2019.
11 March 2019Balfour Beatty plcConstructionBalfour Beatty has announced that its 2019 AGM will be held on 16 May 2019.
11 March 2019Clarkson plcTransportClarkson has announced that its 2019 AGM will be held on 9 May 2019.
11 March 2019Polymetal International plcMining, Metals & ExtractionPolymetal International has announced that its 2019 AGM will be held on 23 April 2019.

Capital reorganisations

Announcement dateCompanyIndustry sectorKey information
15 March 2019Tau Capital plcInvestmentsTau Capital announced a share capital reorganisation to facilitate a conditional placing.Tau Capital is seeking, as per its articles of association, a shareholder resolution and proposing that the placing shares have no par value in order to issue and allot the placing shares at a subscription price that is lower than the current par value of the existing ordinary share (£0.01). 
To avoid creating an additional class of share, it is therefore proposed that the existing ordinary shares be redenominated as ordinary shares with no par value.
13 March 2019Plexus Holdings plcOil & GasPlexus Holdings announced that it intends to undertake a court approved reduction of capital by way of the cancellation of its share premium account in order to increase its distributable reserves.The principal benefit of the reduction of capital will be to increase the company's flexibility to pay dividends, to facilitate any prospective buyback of shares (including by way of tender offer).
The reduction of capital is conditional upon the passing of the resolution, as well as court approval being obtained.  The general meeting will be held on 9 April 2019.

IPOs

Announcement dateIssuerIndustry sectorKey information
14 March 2019Network International Holdings LtdElectronicsNetwork International has announced a possible IPO, and the publication of the company’s Registration Document. More information is expected in due course.

Joint ventures

Announcement dateDealIndustry sectorKey information
14 March 2019PPHE Hotel Group Limited and Largo 542 West 29th Street Partners LLCTravel, Hospitality, Leisure & TourismPPHE Hotel Group announced that it entered into a joint venture agreement with Largo 542 West 29th Street Partners. The aggregated consideration for the acquisition was £31.92 million (US$ 42 million) plus associated acquisition costs. PPHE Hotel Group and Largo 542 West 29th Street Partners each hold a 50% interest in the joint venture and once the acquisition of the hotel is operational, PPHE Hotel Group will manage it under a management contract.

LR/AIM Rules transactions

Announcement dateCompanyIndustry sectorKey information
15 March 2019City of London Group plcFinancial ServicesCity of London announced a related party transaction under Rule 13 of the AIM Rules.
14 March 2019Just Group plcFinancial ServicesJust Group announced a related party transaction under the Listing Rules.

Returns of value to shareholders

Announcement dateCompanyIndustry sectorKey information
15 March 2019Ei Group plcTravel, Hospitality, Leisure & ToursimEi Group announced a share buyback programme of up to £35 million. The buyback programme is currently expected to end no later than 30 September 2019. The purpose of the buyback programmge is to reduce the share capital of Ei Group and return funds to shareholders who sell their shares and repurchased shares will be cancelled.
14 March 2019Oakley Capital Investments LimitedFinancial ServicesOakley Capital Investments announced that the board has authorised a buy-back of up to 1 million ordinary shares of £0.01 each.
13 March 2019Standard Life Aberdeen plcFinancial ServicesStandard Life Aberdeen announced an invitation to (subject to the offer and distribution restrictions) the holders of its outstanding £500,000,000 fixed rate subordinated notes due 2042 to tender any and all of their securities for purchase by the company for cash.The purchase of securities pursuant to the offer is subject to the terms and conditions set out in the Tender Offer Memorandum.

Secondary offers

Announcement dateIssuerIndustry sectorKey information
15 March 2019City of London Group plcFinancial ServicesCity of London Group announced that a capital raising is being effected through a combination of the issue of 10,520,000 new ordinary shares of £0.02 each at an issue price of 125 pence per share. The purpose is to raise gross subscription proceeds of £13.15 million and the issue of £2.05 million of unlisted unsecured convertible loan notes.
The aggregate gross subscription proceeds of the issue of the shares and the convertible loan notes is £15.2 million.
14 March 2019Just Group plcFinancial ServicesJust Group announced its intention to conduct an underwritten non-pre-emptive cash placing to institutional investors of 94,012,782 new ordinary shares of 10 pence each which represents approximately 9.99% of the existing issued share capital of Just Group.The issue of the placing shares is to be effected by way of a cash box placing. The placing will be conducted by way of an accelerated bookbuild.
13 March 2019Globalworth Real Estate Investments LimitedInvestmentGlobalworth announced its intention to raise up to £478 million through the issue of new shares in the capital of the company, by way of a placing. The company intends to issue up to 17,000,000 new shares.
The company’s EGM will be held on 29 March 2019. The placing is conditional of the passing of the resolutions at the meeting.
13 March 2019i3 Energy PlcOil & Gasi3 Energy announced its intention to issue new ordinary shares through an accelerated bookbuild. The company aims to raise at least £16 million through the placing, and each share will be priced at 37 pence each.
The company intends to conduct the placing in two tranches.
12 March 2019Warehouse REIT plcInvestmentWarehouse REIT announced an issue of up to 97,087,378 new ordinary shares pursuant to a placing, open offer and offer for subscription. The company aims to raise £100 million through the placing.
The fundraising is conditional on the passing of resolutions at the company’s upcoming General Meeting, which will be held on 28 March 2019.
Admission of the shares to trading is expected on 3 April 2019.
12 March 2019Supermarket Income REIT plcInvestmentSupermaket Income REIT announced a placing and an offer for subscription to raise approximately £25 million. The issue will consists of 24,752,475 new shares at 101 pence per share.
Admission is expected on 26 March 2019.

Takeovers

Announcement dateDealIndustry sectorKey information
13 March 2019Manx Telecom plc offer by Basalt Infrastructure Partners II GP LimitedMedia & TelecommunicationsManx Telecom announced it received a recommended cash offer from Basalt Infrastructure Partners II GP (the general partner of Basalt Infrastructure Partners II A L.P., Basalt Infrastructure Partners II C L.P. and Basalt Infrastructure Partners II D L.P). The firm offer would be made through Basalt Infrastructure Partners II GP wholly newly incorporated company Kelion Bidco Limited for the entire issued and to be issued share capital of Manx Telecom structured by way of a scheme of arrangement under section 157 of the Isle of Man Companies Act 2006.
The firm offer was valued at £255.9 million with a consideration value of 215 pence per share.
11 March 2019Charter Court Financial Services Group plc possible offer by OneSavings Bank plcFinancial ServicesCharter Court Financial Services Group (Charter Group) announced that it agreed on a possible all share merger with OneSavings Bank (OneSavings). OneSavings would acquire all the issued and to be issued ordinary share capital of Charter Group on the basis of an exchange ratio of 0.8253 new OneSavings shares for each Charter Group share.
On this basis, on completion of the possible merger, OneSavings shareholders would hold approximately 55% and Charter Court shareholders would hold approximately 45% of the combined group.

 

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