Market Tracker weekly round-up—17 May 2019

Weekly round-up of the latest corporate announcements, including a recommended cash offer for EU Supply plc by Mercell Holding AS, a reverse takeover by Blencowe Resources plc, possible IPOs by Aquila European Renewables Income Fund plc , Riverstone Credit Opportunities Income plc and Eco Hotels, a secondary offer by Block Energy plc, a reorganisation by Ferguson plc, a joint venture between Genus plc and Beijing Capital Agribusiness Co. Ltd, related party transactions under the AIM rules by Proton Power Systems plc and Metro Bank plc, returns of value by WH Smith plc, British Land plc and Experian plc and 5 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 4,900 public company deal summaries.

New deals (and AGMs) announced:

AGMs

Announcement dateCompanyIndustry sectorKey information
16 May 2019Burberry Group plcConsumer ProductsBurberry Group has announced that its 2019 AGM will be held on 17 July 2019.
15 May 2019Morrison (Wm) Supermarkets plcFood & Beverages
Retail & Wholesale Trade
Morrison (Wm) Supermarkets has announcedthat its 2019 AGM will be held on 13 June 2019.
14 May 2019DCC plcProfessional servicesDCC has announced that its 2019 AGM will be held on 12 July 2019.
14 May 2019Land Securities Group plcInvestmentLand Securities Group has announced that its 2019 AGM will be held on 11 July 2019.
14 May 2019Tesco plcRetail & Wholesale TradeTesco has announced that its 2019 AGM will be held on 13 June 2019.

Capital reorganisations

Announcement dateCompanyIndustry sectorKey information
10 May 2019Ferguson plcProfessional ServicesFerguson announced that it re-registered as a private company and has changed its name from Ferguson plc to Ferguson Holdings Limited.

IPOs

Announcement dateIssuerIndustry sectorKey information
16 May 2019Eco Hotels plcTravel, Hospitality, Leisure & TourismEco Hotels announced a possible IPO. More information is expected in due course.
13 May 2019Aquila European Renewables Income Fund plcInvestmentAquila European Renewables announced a possible IPO. More information is expected in due course.
13 May 2019Riverstone Credit Opportunities Income plcFinancial ServicesRiverstone Credit announced an intention to float. The company’s prospectus is expected to be published shortly.

Joint ventures

Announcement dateDealIndustry sectorKey information
16 May 2019Genus plc and Beijing Capital Agribusiness Co. Ltd Pharmaceuticals & BiotechnologyGenus has announced that it has entered into a strategic porcine collaboration with Beijing Capital Agribusiness in China, the world's largest pork market to research, develop, register and market in China pigs that are resistant to Porcine Reproductive and Respiratory Syndrome virus.

LR/AIM Rules transactions

Announcement dateCompanyIndustry sectorKey information
16 May 2019Metro Bank plcFinancial ServicesMetro Bank announced a related party transaction under the AIM rules.
15 May 2019Proton Power Systems plcEnergy & UtilitiesProton Power Systems announced a related party transaction under the AIM rules.

Returns of value to shareholders

Announcement dateCompanyIndustry sectorKey information
16 May 2019WH Smith plcRetail & Wholesale TradeWH Smith announced that pursuant to its buyback programme it purchased a maximum of 10,878,949 of its ordinary shares (approximately £25 million).
15 May 2019British Land plcInvestmentBritish Land announced that it is extending the share buyback programme of £200m by up to £125m.
15 May 2019Experian plcProfessional ServicesExperian announced that it will repurchase ordinary shares through a share repurchase programme, to be undertaken from now up to 30 June 2020. The purpose of the share repurchase programme is to allocate surplus cash to reduce the capital of Experian.

Reverse takeovers

Announcement dateCompanyIndustry sectorKey information
13 May 2019Blencowe Resources plc acquisition of Consolidated African Resources (Uganda) LtdEnvironmental Services & Waste ManagementBlowncowe Resources announced that it has entered into Heads of Agreement with Consolidated Africa Limited (CRA) and New Energy Minerals Africa Pty Ltd to acquire 100% of the share capital of Consolidated African Resources (Uganda) Ltd, a subsidiary of CRA, by way of a reverse takeover.  CRA has given its binding consent to the assignment of the option. 

Secondary offers

Announcement dateIssuerIndustry sectorKey information
15 May 2019Block Energy plcEnergy & UtilitiesBlock Energy announced a secondary offer by way of an accelerated bookbuild. The company intends to raise gross proceeds of up to approximately £12 million.
It is intended that up to 42,820,000 of the placing shares will be issued and allotted following close of the bookbuild pursuant to the existing authority of the directors to issue and allot ordinary shares free from pre-emption rights and that the issue and allotment of the remainder of the placing shares shall be conditional on the approval of certain resolutions by the shareholders of the company which will be sought at a general meeting to be held on 4 June 2019.

Takeovers

Announcement dateDealIndustry sectorKey information
10 May 2019EU Supply plc offer by Mercell Holding ASComputing & ITMercell Holding announced a recommended cash offer for the entire issued and to be issued share holdings of EU Supply structured by way of a scheme of arrangement. The offer for the entire issued share capital of EU Supply is £13.1 million, however, if all of the holders of EU Supply convertible loan notes convert their convertible loan notes into EU Supply shares, then the Offer for the entire issued share capital of EU Supply would be £15.7 million.

 

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