Market Tracker weekly round-up—16 February 2018

Weekly round-up of the latest corporate announcements, including takeover offers by Croda International plc, TT Electronics plc and GBT III B.V, secondary offers by Faron Pharmaceuticals Oy, CVS Group plc, Galliford Try plc, Audioboom Group plc, EJF Investments Ltd and Gama Aviation plc, delistings by HaiKe Chemical Group Limited BNN Technology plc, an IPO by TruFin Plc plc and a joint venture between Milestone Group plc, Seed Media Limited and Martin Heath, returns of value by National Grid plc and Relx plc, related party transactions by Phoenix Global Resources plc, Saffron Energy plc, W Resources plc and Gama Aviation plc and AGM dates announced by RELX Group plc, ConvaTec Group plc, Spirax-Sarco Engineering plc and Ibstock plc.

The weekly round-up covers all deals announced from the Monday of the previous week 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.

The information contained in the weekly round up is republished in the monthly round up at the end of the month. To access previous announcements please visit the Market Tracker section of the Corporate homepage.

New deals (and AGMs) announced:

AGMs

Announcement date Company Industry sector Key information
15 February 2018 RELX Group plc Media & telecommunications RELX Group has announced that its 2018 AGM will be held on 19 April 2018.
15 February 2018 ConvaTec Group plc Healthcare ConvaTec Group has announced that its 2018 AGM will be held on 10 May 2018.
14 February 2018 Spirax-Sarco Engineering plc Engineering & manufacturing Spirax-Sarco Engineering has announced that its 2018 AGM will be held on 15 May 2018.
14 February 2018 Ibstock plc Construction Ibstock plc has announced that its 2018 AGM will be held on 24 May 2018.

Delistings

Announcement date Delisting company Industry sector Key information
16 February 2018 HaiKe Chemical Group Limited Oil & gas HaiKe Chemical Group has announced its intention to seek Shareholder approval for the cancellation of admission to trading on AIM of the Company's Ordinary Shares.
The Board is aware that Shareholders may be either unable to hold unquoted shares or are unwilling to continue to hold such shares with the reduced level of marketability that is likely to ensue following Cancellation. The Circular will contain details of the Exit Facility by Hai Yuan Trading, at 30 pence per Ordinary Share, to enable such Shareholders to sell their Ordinary Shares immediately following the Extraordinary General Meeting.
12 February 2018 BNN Technology plc Computing & IT BNN Technology has announced that it has not appointed a replacement Nominated Advisor and the Company's ordinary shares will be de-listed from AIM effective 07:00 on Monday 12 February 2018.
The Directors intend, following the cancellation and de-listing from AIM, to set up a matched bargain arrangement to enable Shareholders to trade their existing holdings of ordinary shares. Further details of this arrangement will be provided to shareholders in due course.

IPOs

Announcement date Issuer Industry sector Key information
13 February 2017 TruFin Plc plc Computing & IT
Banking & finance
TruFin has announced the proposed admission of its ordinary shares to trading on the AIM Market of the London Stock Exchange, having successfully conducted a conditional placing and subscription of ordinary shares to institutional and professional investors to raise gross proceeds of approximately £70 million at 190p per ordinary share.
Admission and commencement of dealings in the ordinary shares are expected to commence at 8.00am on 21 February 2018.

Joint ventures

Announcement date JV parties Industry sector Key information
12 February 2018 Milestone Group plc, Seed Media Limited and Martin Heath Media & telecommunications Milestone announced that it has signed a memorandum of understanding with Seed Media Limited and Martin Heath to enter into a joint venture agreement.
The purpose of the joint venture is to produce payment processing and intellectual property solutions initially within the Media industry utilising a combination of private and public blockchain technologies.
Milestone will own 50.5% of the joint venture, the remainder owned by Martin Heath and Seed Media Ltd. Milestone will receive 50% of any net revenue generated.

LR/AIM Rules transactions

Announcement date Company Industry sector Key information
16 February 2018 W Resources plc Mining, metals & extraction W Resources has announced a related party transaction under the AIM rules.
16 February 2018 Saffron Energy plc Oil & gas Saffron Energy has announced a related party transaction under the AIM rules.
16 February 2018 Phoenix Global Resources plc Oil & gas Phoenix Global Resources has announced a related party transaction under the AIM rules.
9 February 2018 Gama Aviation plc Transport Gama Aviation has announced a related party transaction under the AIM rules.

Returns of value to shareholders

Announcement date Company Industry sector Key information
15 February 2018 Relx plc Media & telecommunications Relx plc has announced the commencement of a programme to repurchase their ordinary shares between 15 February 2018 and 17 April 2018.
The programme also includes a share buyback of Relx N.V.’s ordinary shares. The maximum value of the share buybacks is £225million.
14 February 2018 National Grid plc Energy & utilities National Grid plc has announced the commencement of a share buyback programme for the purposes of reducing the share capital of the company. The programme will operate from 14 February 2018 until 3 April 2018.
The number of ordinary shares to be purchased under the programme will not exceed 23,346,344 ordinary shares and the maximum pecuniary amount allocated to the programme is £200million.
12 February 2018 Smith & Nephew plc Healthcare Smith & Nephew plc has announced the commencement of a quarterly share buy back programme of 557,240 of its ordinary shares of 0.14 GBP through J.P. Morgan Securities plc. The programme will commence on 13 February 2018 and will end no later than 16 February 2018.
The purpose of this buy back programme is to reduce the share capital of the company, in order to keep it broadly constant.

Reverse Takeovers

Announcement date Issuer Industry sector Key information
13 February 2018 Audioboom Group plc and Triton Digital Canada INC Media & telecommunications Audioboom has announced a proposes acquisition of Triton Digital Canada INC for approximately £134 million.
The acquisition constitutes a reverse takeover under Rule 14 of the AIM Rules..

Secondary offers

Announcement date Issuer Industry sector Key information
16 February 2018 Faron Pharmaceuticals Oy Pharmaceuticals & biotechnology Faron Pharmaceuticals has announced  a proposed placing of up to 1,729,350 new ordinary shares in the capital of the Company and a proposed subscription of up to 134,000 new ordinary shares in the capital of the Company at a price of 805 pence per share to raise, in aggregate, up to approximately £15 million before expenses.
16 February 2018 CVS Group plc Retail & wholesale trade CVS Group has announced  its intention to conduct a placing of up to 6,391,000 new ordinary shares of 0.2 pence each in the Company, at a price expected to be not less than 1050 pence per placing share.
The Placing Shares will represent a maximum of approximately 9.88 per cent. of the Company's existing total voting rights and the Company has existing shareholder authorities to issue and allot the Placing Shares on a non pre-emptive basis.
14 February 2018 Galliford Try plc Construction Galliford Try has announced  that it proposes to raise £150m of new equity capital in the company. The capital raising has been fully underwritten by HSBC and Peel Hunt on a standby basis.
13 February 2018 Audioboom Group plc Media & telecommunications Audioboom has announced proposals to raise approximately £155 million, before expenses, through a proposed placing of new ordinary shares in the company.
The gross proceeds from the placing will be used to fund the proposed acquisition of the entire issued share capital of Triton Digital Canada Inc. for a cash consideration of £131.64 million (US$185 million). The proposed acquisition would also constitute a reverse takeover under rule 14 of the AIM Rules for Companies.
12 February 2018 EJF Investments Ltd Investment EJF Investments has announced its intention to raise new capital under the company's placing programme. The company is seeking to raise £50 million via a placing of new shares.
The placing is expected to close at 1.30 p.m. on 8 March 2018. Applications will be made to the London Stock Exchange for the new shares to be admitted to trading on the Specialist Fund Segment.
It is expected that Admission will become effective on or around 13 March 2018 and that dealings in the new shares will commence at that time.
9 February 2018 Gama Aviation plc Transport Gama Aviation has announced its intention to raise £48 million through a conditional placing of 19,591,837 new ordinary shares of one pence each in the company with institutional and other investors at a placing price of 245 pence per placing share.
The proceeds from the placing will be used to acquire the Hong Kong aviation interests of  Hutchison Capital Holdings Limited, to make capital investments in two ground base maintenance facilities in the US and for the development of the Sharjah business aviation centre in the Middle East, and make acquisitions targeting Air opportunities in Europe and the Middle East and Ground opportunities in Europe.
Admission and dealings in the placing shares is expected to commence on AIM at 8.00 a.m. on 2 March 2018.

Takeovers

Announcement date Issuer Industry sector Key information
16 February 2018 Plant Impact plc offer by Croda International plc Chemicals Plant Impactannounced a recommended all cash offer by Croda International plc by way of a scheme of arrangement. The offer value is £10 million.
This follows from Plant Impact’s announcement of a formal sale process on 13 December 2017.
15 February 2018 Stadium Group plc offer by TT Electronics plc Electronics TT Electronics announced a recommended all cash offer for Stadium Group by way of a scheme of arrangement. The offer value is £45.8 million.
The Stadium Board has declared a special dividend of 2.1 pence per Stadium share. The dividend, which is conditional on completion of the Transaction and in lieu of any final dividend for the financial year ended 31 December 2017.
9 February 2018 Hogg Robinson Group plc offer by GBT III B.V. Travel, hospitality, leisure & tourism GBT has announced a recommend all cash offer for Hogg Robinson III B.V. via GBT’s subsidiary Global Business Travel Holdings Limited structured by way of a scheme of arrangement.
The consideration of the share value will be dependent on the sale of Fraedom, a business of Hoggs Robinson Group plc. If the sale of Fraedom occurs before the court hearing then shareholder will receive a maximum of 120 pence per share if it happened after shareholders will receive the minimum of 110 pence per share. The offer value is considered at £376.3 million to 410.6 million.

Relevant Articles
Area of Interest