Market Tracker weekly round-up—18 May 2018

Weekly round-up of the latest corporate announcements, including separate possible offers by Lone Star Funds, Starwood Capital Group and TDR Capital Group for IWG plc, an IPO by Codemasters Group Holdings plc, secondary offerings by Mothercare plc, Motif Bio plc, LoopUp Group plc, Volex plc, Zotefoams plc and ITE Group plc, a reverse takeover of Warwick Holdco Limited by LoopUp Group plc, a share consolidation by Tri-Star Resources plc, a capital reorganisation by Serabi Gold plc, a sub-division of shares by Malvern International plc, two returns of value by Smith & Nephew plc and Taylor Wimpey plc, a Class 1 transaction by ITE Group plc, related party transactions by Motif Bio plc, VietNam Holding Limited, Zotefoams plc and Volex plc and delistings by InterQuest Group plc and Servoca plc. Nine companies released their Notice of AGM.
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 monthly round ups please visit the Market Tracker topic on the Corporate homepage

New deals (and AGMs) announced:

AGMs

Announcement date Company Industry sector Key information
17 May 2018 Experian plc Computing & IT Experian announced that its 2018 AGM will be held on 18 July 2018.
17 May 2018 National Grid plc Energy & utilities National Grid announced that its 2018 AGM will be held on 30 July 2018.
17 May 2018 Royal Mail plc Transport Royal Mail announced that its 2018 AGM will be held on 19 July 2018.
16 May 2018 Burberry Group plc Consumer products Burberry Group has announced that its 2018 AGM will be held on 12 July 2018.
16 May 2018 IP Group plc Financial services IP Group has announced that its 2018 AGM will be held on 18 June 2018.
15 May 2018 BTG plc Pharmaceuticals & biotechnology BTG announced that its 2018 AGM will be held on 18 July 2018.
15 May 2018 DCC plc Professional services DCC announced that its 2018 AGM will be held on 13 July 2018.
15 May 2018 Vodafone Group plc Media & telecommunications Vodafone announced that its 2018 AGM will be held on 27 July 2018.
14 May 2018 Morrison (WM) Supermarkets plc Food & beverages
Retail & wholesale trade
Morrison Supermarkets announced that its 2018 AGM will be held on 14 June 2018.

Delistings

Announcement date Delisting company Industry sector Key information
14 May 2018 Servoca plc Professional services Servoca has announced that it is proposing to cancel the admission to trading on AIM of its ordinary shares.
A circular will shortly be published and sent to all shareholders setting out further details of the delisting and the implications for shareholders. The circular will also contain a notice convening a general meeting which is to be held on 11 June 2018. It is anticipated that trading in the ordinary shares on AIM will cease at close of business on 18 June 2018 and cancellation of admission to trading on AIM of the ordinary shares will become effective at 7:00 a.m. on 19 June 2018.
11 May 2018 InterQuest Group plc Professional services InterQuest Group has announced  the company's proposed cancellation from trading on AIM. The directors consider the cancellation to be in the best interest of shareholders, after considering, amongst other things, the costs of maintaining trading in the ordinary shares on AIM and the limited free float and liquidity in the ordinary shares.
The company will shortly post to shareholders a circular in connection with cancellation containing a notice convening an extraordinary general meeting of the company to be held on 4 June 2018. It is anticipated that the cancellation will become effective at 7.00 a.m. on 12 June 2018.

IPOs

Announcement date Issuer Industry sector Key information
17 May 2018 Codemasters Group Holdings plc Consumer products Codemasters Group has announced intention to float on AIM.

LR/AIM Rules transactions

Announcement date Company Industry sector Key information
17 May 2018 Motif Bio plc Pharmaceuticals & biotechnology Motif Bio has announced a related party transaction under the AIM Rules.
16 May 2018 VietNam Holding Limited Investment VietNam Holding has announced a related party transaction under the AIM Rules.
16 May 2018 Volex plc Electronics Volex has announced a related party transaction under the AIM Rules.
16 May 2018 Zotefoams plc Chemicals, Engineering & Manufacturing Zotefoams has announced a related party transaction under the AIM Rules.
15 May 2018 ITE Group plc Media & telecommunications ITE Group has announced a Class 1 transaction under the Listing Rules.

Reorganisations

Announcement date Company Industry sector Key information
18 May 2018 Tri-Star Resources plc Mining, metals & extraction Tri-Star Resources has announced a proposed share consolidation.
The company is seeking approval from shareholders at the AGM on 12 June 2018 to consolidate every 1,000 ordinary shares of 0.005 pence each of the company into 1 new ordinary share of 5 pence.
The purpose of the share consolidation is to reduce the number of ordinary shares of the company in issue to a level which is more in line with other comparable AIM-traded companies.
16 May 2018 Malvern International plc Professional services Malvern International has announced a sub-division of its existing ordinary shares. The company is carrying out a placing and will place a total of 100,000,000 new ordinary shares at an issue price of four pence each, raising in aggregate approximately £4 million (before expenses). The sub-division is being carried out so that the par value of the ordinary shares is reduced to below the issue price of the placing shares.
The proposal would, if passed, involve sub-dividing each issued existing ordinary share into one new ordinary share of one pence and four deferred shares of one pence each.
15 May 2018 Serabi Gold plc Metals, mining & extraction Serabi Gold announced a proposed capital reorganisation comprising a consolidation of the company’s existing ordinary shares on the basis of 20 existing ordinary shares of 0.5 pence each for one new ordinary share of 10 pence each.
The company is seeking shareholder approval at the annual general meeting on 14 June 2018

Returns of value to shareholders

Announcement date Company Industry sector Key information
15 May 2018 Smith & Nephew plc Healthcare Smith and Nephew announced the commencement of its quarterly share buyback programme.
The maximum amount allocated to the share buyback is £20 million and the maximum number of shares that will be purchased is 1,225,725. The programme will commence on 16 May 2018 and will end no later than 25 May 2018.
15 May 2018 Taylor Wimpey plc Construction Taylor Wimpey has announced its intention to increase the special dividend for 2019 to £350 million.

Reverse takeovers

Announcement date Company Industry sector Key information
16 May 2018 LoopUp Group plc acquisition of Warwick Holdco Limited Computing & IT LoopUp Group announced that it has agreed to acquire the entire issued share capital of Warwick Holdco Limited, the holding company for the MeetingZone Group, a UK-headquartered conferencing services provider, from GMT Communications Partners on a debt-free and cash-free basis, for a total consideration of £61.4 million to be paid in cash.The proposed acquisition constitutes a reverse takeover under  the AIM Rules for Companies and, as such, is conditional, inter alia, upon shareholder approval.

Secondary offers

Announcement date Issuer Industry sector Key information
17 May 2018 Mothercare plc Retail Mothercare has announced a placing and open offer, with proceeds of up to £28 million. The placing and open offer are subject to shareholder approval at the General Meeting.
Mothercare has entered into a standby underwriting agreement with Numis Securities Limited, and the final terms of the placing will be agreed in accordance with this. The placing and open offer are expected to launch in July 2018.
17 May 2018 Motif Bio plc Pharmaceuticals & Biotechnology Motif Bio has announced a proposed placing to raise £10 million with new and existing investors. The placing will be conducted through an accelerated bookbuild.
The aim of the placing is to strengthen Motif Bio’s balance sheet and to facilitate further investment in the development of new products. Admission is expected at 8.00am on 23 May 2018.
16 May 2018 LoopUp Group plc Professional services LoopUp Group has announced a placing of 12,500,000 new ordinary shares at 400 pence per share, to raise £50 million.
The proceeds of the placing are intended to fund the acquisition of the MeetingZone Group. The placing is conditional on the passing of resolutions at the General Meeting. Admission is expected in June 2018.
16 May 2018 Volex plc Electronics Volex has announced a placing to raise £36 million through the issue of 48,000,000 new ordinary shares of 25 pence each at a price of 75 pence per placing share. The proceeds of the placing will be used to finance the proposed acquisition of Silcotec Europe Limited.
The placing is not underwritten and is conditional upon the passing of resolutions to be proposed at the General Meeting. Admission is expected at 8.00 am on 5 June 2018.
16 May 2018 Zotefoams plc Chemicals, Engineering & Manufacturing Zotefoams has announced the results of their placing. 3,886,792 new ordinary shares of 5 pence each, were placed at a placing price of 530 pence per placing share. Zotefoams aims to raise £20.6 million (before expenses) through the placing. Admission is expected to take place at 8.00 am on 18 May 2018.
15 May 2018 ITE Group plc Professional Services ITE Group has announced a rights issue, with estimated gross proceeds of £315 million. The rights issue is in connection with the acquisition of Ascential Events Limited from Ascential.

Takeovers

Announcement date Deal Industry sector Key information
11 May 2018 IWG plc possible offer by Lone Star Funds; IWG plc possible offer by Starwood Capital Group; and IWG plc possible offer by TDR Capital LLC Professional services IWG announced that it had received three separate possible offers from Lone Star Funds, Starwood Capital and TDR Capital. The PUSU deadline for all three possible offers is on 8 June 2018.
The possible offers are treated as possible competing offers.
Filed Under: Corporate Law

Area of Interest