Market Tracker weekly round-up—17 March 2017

Market Tracker weekly round-up—17 March 2017
Weekly round-up of the latest corporate announcements, including takeovers of Panmure Gordon & Co. plc and Amec Foster Wheeler plc, an IPO by Medica Group plc, secondary offers by Tullow Oil plc, Private & Commercial Finance Group plc, Eurocell plc, Hochschild Mining plc, The Gym Group plc and On the Beach Group plc, a share capital reorganisation by Ortac Resources Ltd, a delisting by Nimrod Sea Assets Limited, an LR/AIM Rules transaction by Circassia Pharmaceuticals plc, and 17 AGMs.

New deals (and AGMs) announced:

AGMs

Announcement date Company Key information
17 March 2017 Taylor Wimpey plc Taylor Wimpey has announced that its 2017 AGM will be held on 27 April 2017.
17 March 2017 Jardine Lloyd Thompson Group plc Jardine Lloyd Thompson Group has announced that its 2017 AGM will be held on 27 April 2017.
16 March 2017 Emis Group plc Emis Group has announced that its 2017 AGM will be held on 28 April 2017.
16 March 2017 M & C Saatchi plc M & C Saatchi has announced that its 2017 AGM will be held on 7 June 2017 .
16 March 2017 OneSavings Bank plc OneSavings Bank has announced that its 2017 AGM will be held on 10 May 2017.
16 March 2017 Bunzl plc Bunzl has announced that its 2017 AGM will be held on 19 April 2017.
16 March 2017 Rolls- Royce holdings plc Rolls- Royce holdings has announced that its 2017 AGM will be held on 4 May 2017.
15 March 2017 Acacia Mining plc Acacia Mining has announced that its 2017 AGM will be held on 20 April 2017.
15 March 2017 Inchcape plc Inchcape has announced that its 2017 AGM will be held on 25 May 2017.
14 March 2017 William Hill plc William Hill has announced that its 2017 AGM will be held on 9 May 2017.
14 March 2017 Fidelity European Values plc Fidelity European Values has announced that its 2017 AGM will be held on 15 May 2017.
14 March 2017 Lancashire Holdings Limited Lancashire has announced that its 2017 AGM will be held on 3 May 2017.
14 March 2017 TP ICAP plc TP ICAP has announced that its 2017 AGM will be held on 11 May 2017.
13 March 2017 Weir Group plc Weir Group has announced that its 2017 AGM will be held on 27 April 2017.
13 March 2017 UBM Plc UBM has announced that its 2017 AGM will be held on 17 May 2017.
13 March 2017 Hunting plc Hunting has announced that its 2017 AGM will be held on 12 April 2017.
13 March 2017 Anglo American plc Anglo American has announced that its 2017 AGM will be held on 24 April 2017.

Delistings

Announcement date Delisting company Key information
13 March 2017 Nimrod Sea Assets Limited Nimrod Sea Assets announced that following discussions with its shareholders, the board has resolved to cancel the admission to trading of the company's shares to trading on the Specialist Fund Segment of the Main Market of the London Stock Exchange.
The purpose of the delisting is to reduce annual fixed running costs significantly and to enable Nimrod to pursue more effectively its strategic options. Nimrod will, following delisting, look to return surplus capital to shareholders.
The delisting is expected to take place from 7 am on 11 April 2017.

IPOs

Announcement date Issuer Key information
16 March 2017 Medica Group plc Medica Group has announced that it has published a prospectus in relation to its IPO.The company has  announced the successful pricing of its initial public offering and the placing of 89,977,091 new and existing ordinary shares of 135 pence per ordinary share by Investec Bank plc.
The company has applied for the admission of its ordinary shares to the premium listing segment of the Official List of the Financial Conduct Authority and to trading on the main market for listed securities of the London Stock Exchange plc. It is expected that unconditional dealings in the Ordinary Shares will commence at 8.00 am on 21 March 2017.

LR/AIM Rules transactions

Announcement date Company Key information
17 March 2017 Circassia Pharmaceuticals plc Circassia Pharmaceuticals has announced a Class 1 transaction under the listing rules.

Reorganisations

Announcement date Company Key information
15 March 2017 Ortac Resources Ltd Ortac Resources announced a proposed share capital reorganisation by way of a consolidation of the company's existing ordinary shares to a level in line with other comparable AIM quoted companies.
The directors have resolved to re-organise the company's share capital by consolidating all of the existing ordinary shares of no par value on the basis of one new ordinary share of no par value for every 100 existing ordinary shares.
The company's current issued capital consists of 8,213,507,859 ordinary shares of no par value. Post consolidation, the issued share capital of the company is expected to be 82,134,988 new ordinary shares.

Secondary offers

Announcement date Issuer Key information
17 March 2017 Tullow Oil plc Tullow Oil has announced a proposed 25-for-49 rights Issue of 466,925,724 new ordinary shares at an issue price of 130 pence per share, to raise approximately £607 million.The rights issue is subject to shareholder approval at the company's general meeting to be held at 11.00 am on 5 April 2017.
17 March 2017 Private & Commercial Finance Group plc Private & Commercial Finance has announced a proposed placing to raise a minimum of £10.0 million for the company and open offer to raise up to £0.5 million. 40,000,000 placing shares have been conditionally placed at an issue price of 25 pence per new ordinary share, raising a total of £10 million for the company. The placing will be conducted by way of an accelerated bookbuild.
The company is also making the open offer of up to 2,000,000 open offer shares to qualifying shareholders at the issue price.
16 March 2017  Eurocell plc Eurocell has announced a proposed placing of 20,129,094 ordinary shares in Eurocell by H2 Equity Partners Fund IV. The placing shares are being sold to institutional investors at a price between 195p and 205p. The placing will be conducted by means of an accelerated bookbuild.
16 March 2017 Hochschild Mining plc Hochschild Mining has announced that Pelham Investment Corporation intends to sell approximately 15.5 million ordinary shares of Hochschild Mining trough a placing to institutional investors at a price of 270 pence per share, raising aggregate gross proceeds of approximately £41.9 million.The placing shares will be offered to institutional investors through an accelerated bookbuild.
16 March 2017 The Gym Group plc The Gym Group has announced that certain funds advised by Phoenix Equity Partners Limited and a fund managed by Bridges Ventures LLP intend to sell their remaining stake in The Gym Group.The disposal will be through a placing of 39,136,669 existing ordinary shares in the company to institutional investors by means of an accelerated bookbuild offering process, at a price of 175 pence per share, which is to begin immediately.
14 March 2017 On the Beach Group plc On the Beach Group announced that OTB Holdings Limited Partnership has sold 15,332,765 ordinary shares in the company at a price of 280 pence per share, raising aggregate gross proceeds of approximately £42.9 million.
The placing shares were offered by way of an accelerated bookbuild that was launched immediately following the placing announcement.

Takeovers

Announcement date Deal Key information
17 March 2017 Panmure Gordon & Co. plc - offer by QInvest LLC and Atlas Merchant Capital LLC Ellsworthy Limited (Bidco) has announced a recommended all-cash offer for Panmure Gordon, structured by way of a scheme of arrangement.
Bidco is a company owned and controlled by QInvest LLC and by a wholly-owned subsidiary of a fund managed by Atlas Merchant Capital LLC.
Target shareholders are set to receive 100 pence per share, valuing the acquisition at £15.5 million.
15 March 2017 FIH Group plc - possible offer by Dolphin Fund Limited Bermuda-incorporated Dolphin has announced that it has written to the board of FIH to request information to enable the company to evaluate making a cash offer for FIH.
This is a potential competing offer to the £37.1 million offer for FIH by The Rowland Purpose Trust 2001. See deal summary:
FIH Group plc—offer by The Rowland Purpose Trust 2001
The 'put up or shut up' deadline is 17 April 2017.
13 March 2017 Amec Foster Wheeler plc—offer by John Wood Group plc Scottish-incorporated John Wood Group has announced a recommended all-share offer for Main Market-listed Amec Foster Wheeler, structured by way of a scheme of arrangement.
For each Amec Foster Wheeler share, target shareholders are set to receive 0.75 New Wood Group shares, valuing the acquisition at £2.2 billion.
The scheme document is to follow.
13 March 2017 Bovis Homes Group plc—possible offer by Redrow plcBovis Homes Group plc—possible offer by Galliford Try plc On 13 March 2017, Bovis Homes announced in response to press speculation confirming that it was in possible offer discussions, separately with Redrow and Galliford Try.These are potential competing offers for Bovis.
Bovis has rejected Redrow and Galliford Try's possible offer approaches on the grounds that they undervalue the company and its prospects.
The 'put up or shut up' deadline for these potential bidders is 9 April 2017.
For the purposes of the City Code on Takeovers and Mergers (the Code) the offer period commenced on 12 March 2017.

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

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