Market Tracker weekly round-up—2 March 2018

Weekly round-up of the latest corporate announcements, including a recommended all-cash offer by Advent Corporation International for Laird plc, a possible competing offer by Comcast Corporation for Sky plc, IPOs by IntegraFin Holdings plc and Global Diversified Infrastructure plc, secondary offerings by Arix Bioscience plc, Provident Financial plc, Triple Point Social Housing REIT plc and Chariot Oil & Gas Limited, a joint venture between Regency Mines plc & Legacy Hill Resources Ltd., a related party transaction by Wolf Minerals Limited, a Class 1 transaction by ContourGlobal plc, reorganisations by Great Portland Estates plc, Photonstar LED Group plc and Trafalgar New Homes plc, returns of value from Mondi plc, Howden Joinery Group plc, Taylor Wimpey plc, Admiral Group plc, Great Portland Estates plc, Inchcape plc, Drax Group plc, Direct Line Insurance Group plc, Derwent London plc and Jupiter Fund Management plc and a delisting by The Ottoman Fund Limited. 28 companies announced the date of their 2018 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 announcements please visit the Market Tracker section of the Corporate homepage.

New deals (and AGMs) announced:

AGMs

Announcement date Company Industry sector Key information
2 March 2018 Just Eat plc Consumer products Just Eat has announced that its 2018 AGM will be held on 26 April 2018.
2 March 2018 Mondi plc Consumer products Mondi has announced that its 2018 AGM will be held on 16 May 2018.
1 March 2018 BBA Aviation plc Transport BBA Aviation has announced that its 2018 AGM will be held on 11 May 2018.
1 March 2018 Cobham plc Aerospace & defence Cobham has announced that its 2018 AGM will be held on 1 March 2018.
1 March 2018 CRH plc Construction CRH has announced that its 2018 AGM will be held on 26 April 2018.
1 March 2018 Evraz plc Mining, metals & extraction Evraz has announced that its 2018 AGM will be held on 18 June 2018.
1 March 2018 Hastings Group Holdings plc Financial services Hastings Group Holdings has announced that its 2018 AGM will be held on 24 May 2018.
1 March 2018 InterContinental Hotels Group plc Travel, hospitality, leisure & tourism InterContinental Hotels Group has announcedthat its 2018 AGM will be held on 4 May 2018.
1 March 2018 Nichols plc Food & beverages Nichols plc has announced that its 2018 AGM will be held on 25 April 2018.
1 March 2018 Rentokil Initial plc Professional services Rentokil Initial has announced that its 2018 AGM will be held on 9 May 2018.
1 March 2018 Spire Healthcare Group plc Healthcare Spire Healthcare Group has announced that its 2018 AGM will be held on 24 May 2018.
1 March 2018 Synthomer plc Chemicals Synthomer has announced that its 2018 AGM will be held on 26 April 2018.
1 March 2018 Vesuvius plc Mining, metals & extraction Vesuvius has announced that its 2018 AGM will be held on 10 May 2018.
28 February 2018 Jardine Lloyd Thompson Group plc Financial services Jardine Lloyd Thompson Group has announced that its 2018 AGM will be held on 1 May 2018.
28 February 2018 Man Group plc Financial services Man Group has announced that its 2018 AGM will be held on 11 May 2018.
28 February 2018 Taylor Wimpey plc Construction Taylor Wimpey has announced that its 2018 AGM will be held on 26 April 2018.
28 February 2018 Weir Group plc Engineering & manufacturing Weir Group has announced that its 2018 AGM will be held on 26 April 2018.
27 February 2018 St. Modwen Properties plc Property St. Modwen Properties plc has announcedthat its 2018 AGM will be held on 28 March 2018.
27 February 2018 Provident Financial plc Financial services Provident Financial plc has announced that its 2018 AGM will be held on 21 March 2018.
27 February 2018 Standard Chartered plc Banking & finance Standard Chartered plc has announced that its 2018 AGM will be held on 9 May 2018.
27 February 2018 Virgin Money Holdings plc Banking & finance Virgin Money Holdings plc has announced that its 2018 AGM will be held on 9 May 2018.
27 February 2018 Inchcape plc Retail & wholesale trade Inchcape has announced that its 2018 AGM will be held on 24 May 2018.
27 February 2018 Drax Group plc Energy & utilities Drax Group has announced that its 2018 AGM will be held on 13 April 2018.
27 February 2018 Direct Line Insurance Group plc Financial services Direct Line Insurance Group has announcedthat its 2018 AGM will be held on 10 May 2018.
27 February 2018 Derwent London plc Investment Derwent London has announced that its 2018 AGM will be held on 18 May 2018.
27 February 2018 Meggitt plc Aerospace & defence Meggitt has announced that its 2018 AGM will be held on 26 April 2018.
26 February 2018 Bunzl plc Professional services Bunzl has announced that its 2018 AGM will be held on 18 April 2018.
26 February 2018 Senior plc Aerospace & defence Senior has announced that its 2018 AGM will be held on 27 April 2018.

Delistings

Announcement date Delisting company Industry sector Key information
28 February 2018 The Ottoman Fund Limited Investment The Ottoman Fund has announced its intention to seek Shareholders' approval for the cancellation of shares to trading on AIM and to place the Company into a summary winding up process.It is expected that the admission of the Participating Shares to trading on AIM will be cancelled with effect from 7 a.m. on 5 April 2018. The effect of the cancellation will be that the Participating Shares will no longer be quoted or tradable on AIM and Shareholders will not therefore be readily able to sell their Participating Shares. Shareholders will be able to buy and sell their Participating Shares "off market" although this will be more difficult than trading "on market".
An Extraordinary General Meeting of the Company will be held at 10 a.m. on 26 March 2018 to approve the cancellation.

IPOs

Announcement date Issuer Industry sector Key information
1 March 2018 Global Diversified Infrastructure plc Investment Global Diversified Infrastructure has announced the publication of its prospectus in relation to the company's proposed admission of its shares to trading on the main market of the London Stock Exchange and to listing on the Premium Listing segment of the Official List of the UK Listing Authority.
The company, a UK-domiciled investment trust, is targeting gross proceeds in excess of £200 million, through a placing, offer for subscription and intermediaries offer of in excess of 200 million shares at a price of 100 pence per share with the potential for increase to up to 350 million shares subject to investor demand.
It is currently expected that admission will become effective and that dealings will commence at 8.00 a.m. on 3 April 2018.
27 February 2018 IntegraFin Holdings plc Investment
Financial services
IntegraFin Holdings has announced that it has published a prospectus in connection with the proposed admission of its ordinary shares to trading on the Main Market of the London Stock Exchange.
The IPO will be conducted by way of an offer of 90,631,302 existing ordinary shares at an offer price of 196 pence per existing ordinary share, raising gross proceeds of approximately £177.6 million for the company’s selling shareholders.
The expected market capitalisation of the company at the offer price following admission is approximately £649.4 million.

Joint ventures

Announcement date JV parties Industry sector Key information
27 February 2018 Regency Mines plc & Legacy Hill Resources Ltd Mining, metals & extraction Regency Mines has announced that it has executed a joint venture agreement with Legacy Hill Resources Ltd (LHR), a privately owned mining company, setting out the framework for co-operation.
The purpose of the joint venture is the structuring and financing of acquisitions in the U.S. metallurgical coal sector, and their subsequent management and operation.
LHR will own 30% of the JV which reflects it role in financing, Investing and managing the acquisition to date. Regency Mines will hold 70% of the JV, equal to its proportion of cash contributions.

LR/AIM Rules transactions

Announcement date Company Industry sector Key information
1 March 2018 Wolf Minerals Limited Mining, metals & extraction Wold Minerals has announced a related party transaction under the AIM rules.
27 February 2018 ContourGlobal plc Energy & utilities ContourGlobal plc has announced a Class 1 transaction under the Listing Rules.

Reorganisations

Announcement date Company Industry sector Key information
28 February 2018 Great Portland Estates plc Investment
Property
Great Portland Estates plc has announced a 16 for 19 share consolidation of the company’s existing ordinary share capital to accompany a return of capital to shareholders.
The general meeting to approve the share consolidation, return of capital and associated resolutions regarding the share capital of the company will be held on 26 March 2018.
27 February 2018 Photonstar LED Group plc Construction Photonstar LED Group plc has announced a proposed subdivision of ordinary shares following the placing of 286,666,667 new ordinary shares.
The placing price is less than the current 1 pence nominal value of its existing ordinary shares. The UK Companies Act 2006 (as amended) prohibits the company from issuing ordinary shares at a price below the nominal value. Accordingly, the company has announced its intention to carry out a subdivision of the existing ordinary shares whereby each existing ordinary share will be subdivided into one new ordinary share of 0.01 pence and one deferred share of 0.99 pence to enable the placing to complete.
The new ordinary shares will continue to carry the same rights as attached to the existing ordinary shares, save for the reduction in nominal value.
27 February 2018 Trafalgar New Homes plc Construction Trafalgar New Homes plc has announced a share capital reorganisation via the subdivision of ordinary shares following the company’s decision to issue 186,815,190 ordinary shares as consideration for the acquisition of the entire issued share capital of Beaufort Homes Limited.
The Companies Act 2006 prohibits the company from issuing shares at a price below their nominal value. As the current market price of ordinary shares on AIM is below their current nominal value of 1p per ordinary share, it is proposed that each of the existing ordinary shares of 1p be subdivided into one ordinary share of 0.1p and one deferred share of 0.9p.
The share reorganisation is not intended to change the market price of ordinary shares on AIM.

Returns of value to shareholders

Announcement date Company Industry sector Key information
2 March 2018 Mondi plc Retail & wholesale trade Mondi plc has announced a proposed special dividend. Mondi Group announced that a proposed special dividend of 100.00 euro cents per ordinary share will be paid on 25 May 2018 to all Mondi Limited and Mondi plc ordinary shareholders on the relevant registers on 4 May 2018.
1 March 2018 Howden Joinery Group plc Engineering & manufacturing Howden Joinery Group has announced a £60 million share buyback programme.
The company’s board has reviewed the cash balances in light of future investment opportunities, expected peak working capital requirements, trading outlook and increased dividend payment. As a result, it has decided to implement a share buyback programme of £60m to be completed during the next two years.
28 February 2018 Taylor Wimpey plc Construction Taylor Wimpey has announced a proposed special cash dividend to be paid on 13 July 2018 to shareholders on the register at close of business on 1 June 2018.
The company will return approximately £340 million to shareholders, equating to 10.4 pence per ordinary share, subject to shareholder approval at the AGM.
28 February 2018 Admiral Group plc Financial services Admiral Group has announced a special dividend of 18.5 pence per share.
The special dividend will be paid on 1 June 2018 to shareholders on the register at close of business on 11 May 2018.
28 February 2018 Great Portland Estates plc Investment
Property
Great Portland Estates plc has announced a return of capital of approximately £306 million to shareholders in the form of a payment of 93.65 pence per ordinary share.
The company intends to implement this return of capital through the issue and redemption of a new class of redeemable B shares. The B share scheme will be accompanied by a share consolidation.
The general meeting to approve the share consolidation, return of capital and associated resolutions regarding the share capital of the company will be held on 26 March 2018.
27 February 2018 Inchcape plc Retail & wholesale trade Inchcape plc has announced a new share buyback of up to £100 million to take place in 2018.
27 February 2018 Drax Group plc Energy & utilities Drax Group plc announced a £50 million share buyback programme during 2018 to return cash to shareholders.
27 February 2018 Direct Line Insurance Group plc Financial services As a result of the company’s lower capital requirements in 2017 and the strong financial performance in the year, Direct Line Insurance Group plc has announced its intention to pay a special dividend of 15.0 pence.
27 February 2018 Jupiter Fund Management plc Financial services As a results of Jupiter Fund Management plc’s financial results and strong balance sheet, the company has announced a special dividend of 15.5p per share for 2017 to be paid on 6 April 2018 to shareholders on the register on 9 March 2018.
27 February 2018 Derwent London plc Investment
Property
Derwent London plc has announced a proposed special dividend of 75 pence per share to be paid in June 2018.

Secondary offers

Announcement date Issuer Industry sector Key information
28 February 2018 Arix Bioscience plc Financial services Arix Bioscience has announced  a proposed share issuance to raise gross proceeds of up to £100 million through the issue of up to 44,444,444 New Ordinary Shares by way of a Firm Placing, Placing and an offer for subscription to the public in the UK predominantly through intermediaries all at 225 pence per New Ordinary Share.
27 February 2018 Provident Financial plc Financial services Provident Financial has announced a fully underwritten rights issue to raise gross proceeds of approximately £331 million.
27 February 2018 Triple Point Social Housing REIT plc Investment Triple Point Social Housing REIT has announced to raise up to £200 million through the issue of C shares (being a new class of convertible, non-voting preference shares) (the "C Shares") via a pre-emptive open offer as well as a placing and offer for subscription (the "Issue"). The Issue would be subject to shareholder approval in a General Meeting.  Application would be made for admission of the C Shares to the standard segment of the Official List. A prospectus is expected to be published in early March 2018.
27 February 2018 Chariot Oil & Gas Limited Oil & gas Chariot Oil & Gas has announced that it has conditionally raised total gross proceeds of approximately £10.7 million (US$15 million) by the conditional placing of 82,582,747 new ordinary shares at an issue price of 13 pence per new ordinary share. Furthermore, it proposes to raise up to a further £4.4 million (€5.0 million) by the issue of up to a further 33,609,150 new ordinary shares pursuant to an open offer to qualifying shareholders at the issue price.

Takeovers

Announcement date Deal Industry sector Key information
1 March 2018 Laird plc offer by Advent Corporation International Engineering & manufacturing Advent Corporation announced a recommended all-cash offer for the entire share and to be issued ordinary share capital of Laird plc by its wholly-owned indirect subsidiary, AI Ladder Limited, to be structured by a scheme of arrangement. The offer values the entire issued ordinary share capital of Laird at approximately £1 billion on a fully diluted basis.
27 February 2018 Sky plc possible offer by Comcast Corporation Media & telecommunications Comcast has announced a possible all-cash offer for Sky plc. The possible offer is a competing offer to Twenty-First Century Fox, Inc’s. offer for Sky plc.Comcast’s offer is for £12.50 per share, a premium of 16% to the current offer (£10.75 per share) of Twenty-First Century Fox, Inc.
The superior cash proposal implies a value of approximately £22.1 billion for the fully diluted ordinary share capital of Sky.
PUSU deadline to be determined.

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