Market Tracker weekly round-up—2 June 2017

Weekly round-up of the latest corporate announcements, including secondary offers by Draper Esprit plc, Motif Bio plc, B&M European Value Retail SA, and Countryside Properties plc, reorganisations by Xtract Resources plc and Nyota Minerals Limited, a joint venture between Lamprell plc, Saudi Aramco Development Company, National Shipping Company of Saudi Arabia & Heavy Industries Co. Ltd., returns of value by National Grid plc, Plus500 Ltd, and The Paragon Group of Companies plc, and delistings by Fusionex International plc and Rex Bionics plc, LR/AIM Rules transactions by Motif Bio plc, Draper Esprit plc and Lamprell plc and 3 AGM notices.

New deals (and AGMs) announced:

AGMs

Announcement date Company Key information
2 June 2017 First Derivatives plc First Derivatives has announced that its 2017 AGM will be held on 23 June 2017.
2 June 2017 Pennon Group plc Pennon Group has announced that its 2017 AGM will be held on 6 July 2017.
26 May 2017 JD Sports Fashion plc JD Sports Fashion has announced that its 2017 AGM will be held on 29 June 2017.

Delistings

Announcement date Company Key information
26 May 2017 Fusionex International plc Fusionex has announced that it intends to seek shareholder approval to cancel the admission of its shares to trading on AIM.The directors believe that the development of the business, in terms of general trading, strategic partnerships and underlying operational infrastructure, the growth potential of big data analytics, the Internet of Things and the strength of the company's management team have not been adequately reflected in the value attributed by the public market to the Company's shares.
Subject to the passing of the resolution at the EGM on 15 June 2017, cancellation will occur no earlier than five clear business days after the extraordinary general meeting and it is therefore anticipated that trading in the shares on AIM will cease at 16:30 (BST) on 26 June 2017, with cancellation expected to take effect at 7.00 am (BST) on 27 June 2017.
26 May 2017 Rex Bionics plc Rex Bionics has announced that the company will become an AIM Rule 15 cash shell as a result of the transfer of the Rex business to Rex Bionics Pty Limited.
The company expects that its shares will be cancelled from trading on AIM on or around 3 July 2017.

Joint ventures

Announcement date Parties Key information
31 May 2017 Lamprell plc, Saudi Aramco Development Company, National Shipping Company of Saudi Arabia & Heavy Industries Co. Ltd. Lamprell has announced that it has, through a wholly owned subsidiary, entered into a conditional agreement with Saudi Aramco Development Company (a wholly-owned subsidiary of Saudi Arabian Oil Company), the National Shipping Company of Saudi Arabia and Hyundai Heavy Industries Co. Ltd. pursuant to which the parties thereto have agreed to participate in a joint venture with respect to the establishment, development and operation of a maritime yard for the construction, maintenance and repair of offshore drilling rigs and vessels which is to form part of the complex known as "The King Salman International Complex for Maritime Industries & Services" in the eastern province of the Kingdom of Saudi Arabia.
Lamprell will hold 20% of the JV's issued share capital of the joint venture, with Saudi Aramco Development Company holding 50.1%, National Shipping Company of Saudi Arabia holding 19.9% and Heavy Industries Co. Ltd. holding 10% of the JV's issued share capital.

LR/AIM Rules transactions

Announcement date Company Key information
2 June 2017 Motif Bio plc Motif Bio has announced a related party transaction under the AIM Rules.
2 June 2017 Draper Esprit plc Draper Esprit has announced a related party transaction under the AIM Rules.
31 May 2017 Lamprell plc Lamprell announced a class 1 transaction under the Listing Rules.

Reorganisations

Announcement date Company Key information
30 May 2017 Xtract Resources plc Xtract Resources has announced a proposed share consolidation and sub-division under which every 200 ordinary shares of 0.01 pence each in the capital of the company in issue will be consolidated into one ordinary share of 2 pence.
Following the consolidation, each consolidated share will be sub-divided into one new ordinary share of 0.02 pence and twenty-two deferred shares of 0.09 pence.
30 May 2017 Nyota Minerals Limited Nyota Minerals has announced a proposed 1-for-400 share consolidation.
Nyota has a very large number of shares in issue (over two billion) due to historical equity-based capital raisings and corporate transactions. The number of shares is disproportionate to Nyota's peers, so the company is proposing to reduce this number by way of this share consolidation.

Returns of value to shareholders

Announcement date Company Key information
2 June 2017 National Grid plc National Grid has announced that it is to commence its £835 million share buy-back programme to repurchase ordinary shares in the capital of the company, expected to be carried out in not less than two tranches.The sole purpose of the programme is, as previously announced, to reduce the share capital of the company as part of the return of proceeds to shareholders following the sale of a majority interest in the Company's UK gas distribution business.
2 June 2017 Plus500 Ltd. Plus500 has announced a proposed share buyback programme, funded from the company's current net cash balances which stood at approximately $191 million as at 31 May 2017.Plus500's board approved the programme to buy back up to $10 million of the company's shares at its last general meeting. The buyback programme will run from the date of this announcement to 31 August 2017.
1 June 2017 The Paragon Group of Companies plc The Paragon Group of Companies has announced that it has entered into an irrevocable, non‐discretionary programme with UBS AG to repurchase an amount of shares no greater than £12.5 million during the period commencing on 2 June 2017 and ending no later than 8 August 2017.The shares so purchased will be held in treasury, but may be cancelled subsequently.

Secondary offers

Announcement date Issuer Key information
2 June 2017 Draper Esprit plc Draper Esprit has announced a proposed conditional placing of 25,912,346 new ordinary shares and a subscription of 4,951,851 new ordinary shares, raising gross proceeds of approximately £100 million.The primary purpose of the placing and subscription is to raise further funds so that the Company may continue to develop its strategy of investing in early and growth stage digital technology businesses in order to deliver attractive long term returns to investors.
2 June 2017 Motif Bio plc Motif Bio has announced its intention to raise approximately £19.4 million, before expenses, by way of a conditional placing with new and existing investors to fund the further development of iclaprim, the company's novel antibiotic candidate.The placing is being conducted via an accelerated bookbuild process.
1 June 2017 B&M European Value Retail SA B&M European Value Retail has announced that certain selling shareholders intend to sell up to 125,000,000 ordinary shares in the B&M European Value Retail at a price of 363.4 pence per share, raising aggregate gross sale proceeds of £454.3m. The placing shares are being offered to institutional investors by way of an accelerated bookbuild,
26 May 2017 Countryside Properties plc Countryside Properties has announced a placing of 103,686,504 ordinary shares at a price of 310 pence per share in the company by OCM Luxembourg Coppice Topco S.à r.l.
The company will not receive any proceeds from the placing.

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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