Market Tracker weekly round-up—20 July 2018

Weekly round-up of the latest corporate announcements, including a possible offer for John Laing Infrastructure Fund Limited by Dalmore Capital Limited and Equitix Investment Management Limited, IPOs by Grit Real Estate Income Group and Jadestone Energy Inc, secondary offers by Venture Life Group plc, Allergy Therapeutics plc, Future plc, Glenveagh Properties plc, Bacanora Lithium plc, Duke Royalty Limited, CentralNic Group plc and SDL plc, a Class 1 transaction by HSS Hire Group plc, Class 1 and related party transactions from Venture Life Group plc, Group plc and Duke Royalty Limited, related party transactions by Dalradian Resources Inc. and Allergy Therapeutics plc, a capital reduction by Image Scan plc, a tender offer by ContourGlobal plc and AGM notices from Daejan Holdings plc and Stagecoach Group plc.
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.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 Monthly deal round-ups archive.

All transactions covered in this update are available on the Market Tracker deal analysis tool containing over 3000 public company deal summaries.

For trend reports and other analysis see our Trend Reports subtopic.

New deals (and AGMs) announced:

AGMs

Announcement date Company Industry sector Key information
17 July 2018 Daejan Holdings plc Investment Daejan Holdings has announced that its 2018 AGM will be held on 29 August 2018.
13 July 2018 Stagecoach Group plc Travel, hospitality, leisure & tourism Stagecoach Group has announced that its 2018 AGM will be held on 31 August 2018.

IPOs

Announcement date Issuer Industry sector Key information
17 July 2018 Grit Real Estate Income Group Property Grit Real Estate announced its intention to float on the Main Market of the London Stock Exchange. Grit Real Estate announced that it will issue up to 250 million new ordinary shares prior to the listing. The IPO is expected to raise net proceeds of US$120 million. These proceeds will be used to acquire assets in Ghana and Mozambique. Initial admission of the shares is expected in late July 2018.
16 July 2018 Jadestone Energy Inc. Oil & gas Jadestone Energy hasannounced its intention to list on AIM. Admission is expected in August 2018.

LR/AIM Rules transactions

Announcement date Company Industry sector Key information
20 July 2018 Venture Life Group plc Food & beverages Venture Life Group has announced a related party transaction under the AIM Rules.
19 July 2018 Allergy Therapeutics plc Pharmaceuticals & biotechnology Allergy Therapeutics has announced a related party transaction under the AIM Rules.
19 July 2018 Dalradian Resources Inc. Mining, metals & extraction Dalradian Resources has announced a related party transaction under the AIM Rules.
19 July 2018 HSS Hire Group plc Professional services HSS Hire Group has announced a Class 1 Transaction under the Listing Rules.
16 July 2018 CentralNic Group plc Computing & IT CentralNic announced a Class 1 and related party transaction under the Listing Rules.
16 July 2018 Duke Royalty Limited Professional services Duke Royalty announced a Class 1 and related party transaction under the Listing Rules.

Reorganisations

Announcement date Company Industry sector Key information
17 July 2018 Image Scan Holdings plc Electronics Image Scan announced that it intends to undertake a share capital re-organisation to create additional distributable reserves which would provide the company with flexibility in relation to future dividends.The capital reduction is conditional upon, amongst other things, shareholder approval and the approval of the Court.

Returns of value to shareholders

Announcement date Company Industry sector Key information
17 July 2018 ContourGlobal plc Energy & utilities ContourGlobal announced it had commenced a tender offer for any and all of its outstanding 5.125% senior secured notes, due in 2021 held pursuant to Regulation S.The offer is scheduled to expire on July 24, 2018.

Secondary offers

Announcement date Issuer Industry sector Key information
20 July 2018 Venture Life Group plc Food & beverages Venture Life Group announced the proposed placing of up to 46,875,000 shares at a price of 40 pence per share. The estimated gross proceeds of the placing are £18.75 million. The proceeds of the placing will be used to part fund the consideration of Venture Life Group’s acquisition of the Dentyl Business. The placing is subject to shareholder approval, and the General Meeting will be held on 6 August 2018.
19 July 2018 Allergy Therapeutics plc Pharmaceuticals & biotechnology Allergy Therapeutics announced that a total of 40,000,000 new shares have been placed or subscribed for at a price of 26.5 pence per share to raise £10.6 million. It is expected that admission will take place on 25 July 2018.
18 July 2018 Future plc Media & telecommunications Future announced a fully underwritten rights issue to raise £105.7 million. Up to 34,881,368 new ordinary shares will be issued at a price of 303 pence per share. This represents a discount of approximately 42.8% to the closing price of 530 pence on 17 July 2018.
A general meeting of shareholders to approve the resolutions required to implement the rights issue has been called for 3 August 2018. Admission to trading is expected on 6 August 2018.
18 July 2018 Glenveagh Properties plc Construction
Property
Glenveagh Properties announced a firm placing, placing and open offer to raise gross proceeds of approximately £190 million, to fund future land acquisitions and the development of new and existing sites.
The capital raise is conditional on the necessary resolutions being passed at a general meeting, to be held on 13 August 2018.
17 July 2018 Bacanora Lithium plc Mining, metals & extraction Bacanora announced a proposed placing to raise gross proceeds of US$100 million. The placing will be conducted through a bookbuild which will be launched today. The gross proceeds of the placing will enable Bacanora to begin construction of the Sonora Lithium Project in Mexico. Admission of the placing shares is expected in late July.
16 July 2018 CentralNic Group Plc Computing & IT CentralNic Group announced the placing of 46,153,847 shares at 52 pence per share. Admission of the shares to trading on AIM is expected on 2 August 2018.
16 July 2018 Duke Royalty Limited Professional services Duke Royalty announced a placing and subscription to raise £44 million, by way of the issue of 100,000,000 new shares at a price of 44 pence per share. Admission is expected in August 2018.
16 July 2018 SDL plc Computing & IT SDL announced a proposed placing to raise up to £36.2 million. 8,234,400 new shares will be issued as part of the placing at a price of 440p per share.

Takeovers

Announcement date Deal Industry sector Key information
16 July 2018 John Laing Infrastructure Fund Limited possible offer by Dalmore Capital Limited and Equitix Investment Management Limited Investment John Laing announced that it is in discussions with Dalmore Capital Limited and Equitix Investment Management Limited regarding a possible cash offer for the entire issued and to be issued share capital of John Laing.The possible offer is to be made by a new company to be jointly owned by funds managed or advised by Dalmore and Equitix. The possible offer is at a price of 142.5 pence per share in cash and also includes the payment of a dividend of up to 3.57 pence per share.
The PUSU deadline is on 13 August 2018.
Filed Under: Round-ups

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