Market Tracker weekly round-up—22 February 2019

Weekly round-up of the latest corporate announcements, including a recommended cash offer by Saputo Inc. for Dairy Crest Group plc and a takeover by Non-Standard Financial plc for Provident Financial plc, a secondary offering by PCF Group plc, a demerger by Impellam Group plc, a delisting of Realm Therapeutics plc, returns of value by Playtech plc, RELX plc, Glencore plc and Lloyds Banking Group plc, a related party transaction under the AIM Rules by PCF Group plc and 9 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 4,700 public company deal summaries.

The Market Tracker weekly bulletin looks in more detail at the latest transaction developments, mini trends and analysis of corporate deal documents. For trend reports and other analysis see our Trend Reports subtopic.

New deals (and AGMs) announced:

AGMs

Announcement dateCompanyIndustry sectorKey information
21 February 2019BAE Systems plcAerospace & DefenceBAE Systems has announced that its 2019 AGM will be held on 9 May 2019.
21 February 2019Barclays plcBanking & FinanceBarclays has announced that its 2019 AGM will be held on 2 May 2019.
21 February 2019Centrica plcEnergy & UtilitiesCentrica has announced that its 2019 AGM will be held on 13 May 2019.
21 February 2019Drax Group plcEnergy & UtilitiesDrax Group has announced that its 2019 AGM will be held on 17 April 2019.
21 February 2019KAZ Minerals plcMining, Metals & ExtractionKAZ Minerals has announced that its 2019 AGM will be held on 2 May 2019.
21 February 2019Rathbone Brothers plcFinancial ServicesRathbone Brothers has announced that its 2019 AGM will be held on 9 May 2019.
20 February 2019Hochschild Mining plcMining, Metals & ExtractionHochschild Mining has announced that its 2019 AGM will be held on 6 June 2019.
20 February 2019Lloyds Banking Group plcBanking & FinanceLloyds Banking Group plc has announced that its 2019 AGM will be held on 16 May 2019.
19 February 2019Spectris plcElectronicsSpectris announced that its 2019 AGM will be held on 24 May 2019.

Delistings

Announcement dateDelisting companyIndustry sectorKey information
18 February 2019Realm Therapeutics plcHealthcareRealm Therapeutics announced its intention to delist its ordinary shares from AIM. If approved, the delisting will take effect from 7:00 a.m. on March 27, 2019 with the last day of trading of the ordinary shares on AIM being March 26, 2019. 
The company remains in discussions regarding its formal sale process which may subsequently result in either a takeover offer for the or an acquisition constituting a reverse takeover under AIM Rule 14, or, if a suitable strategic transaction is not identified, a potential winding down of the company and distribution to shareholders of the company's remaining assets following satisfaction of all applicable liabilities and obligations. 

Demergers

Announcement dateCompanyIndustry sectorKey information
20 February 2019Impellam Group plcProfessional ServicesImpellam Group has announced a demerger of its wholly owned subsidiary, Carlisle Support Services Group Limited. 
The transaction is to be effected through a dividend in specie by the company in accordance with its Articles of Association to eligible shareholders by the issue of new ordinary shares of £0.034 pence each in the share capital of Carlisle on the basis of one new Carlisle Share for each Impellam Share owned by an eligible shareholder on the record date.

LR/AIM Rules transactions

Announcement dateCompanyIndustry sectorKey information
20 February 2019PCF Group plcFinancial ServicesPCF Group announced a related party transaction under the AIM Rules.

Returns of value to shareholders

Announcement dateCompanyIndustry sectorKey information
21 February 2019Playtech plcTravel, Hospitality, Leisure & TourismPlaytech plc has announced a share buyback programme to repurchase up to €40 million (approximately £35 million) of its ordinary shares. The company came to this decision following shareholder engagement, and the board believes it is in the best interests of all shareholders to reallocate part of its capital returns in such a manner. The purpose of the share repurchase programme is to reduce the company's share capital and ordinary shares purchased by Playtech will be cancelled.
21 February 2019RELX plcMedia & TelecommunicationsRELX has announced that it will implement an irrevocable, non-discretionary share buyback programme to repurchase its ordinary shares up to the value of £150 million. This follows the successful completion of a £100 million non-discretionary programme on 18 February 2019. In 2019, the company intends to return £600 million to shareholders via share buybacks.The purpose of the programme is to reduce the capital of the company and it intends that shares purchased will be held in treasury. Any share purchases will be made by the company in accordance with the general authority granted by shareholders at the company’s most recent AGM.
20 February 2019Glencore plcMining, Metals & ExtractionGlencore has announced a $2 billion (approximately £1.8 billion) share buyback programme. The company is intending to proactively top this up, including automatically from a targeted $1 billion (approximately £900 million) of non-core asset disposals in 2019.In 2018, Glencore announced $5.2 billion of shareholder returns.
20 February 2019Lloyds Banking Group plcBanking & FinanceLloyds Banking Group has announced a share buyback of up to £1.75 billion, equivalent to 2.46 pence per share. The programme will commence in March 2019 and is expected to be completed by 31 December 2019.

Secondary offers

Announcement dateIssuerIndustry sectorKey information
20 February 2019PCF Group plcBanking & FinancePCF Group announced a proposed placing to raise gross proceeds of not less than £10 million through the issuance of new ordinary shares of 5 pence each in the company.

Takeovers

Announcement dateDealIndustry sectorKey information
22 February 2019Dairy Crest Group plc offer by Saputo Inc.Food & BeveragesSaputo has announced a recommended cash offer through its wholly owned subsidiary Saputo Dairy UK Ltd for the entire issued and to be issued share capital of Dairy Crest Group, to be structured by way of a scheme of arrangement.The offer value is £975 million with a cash consideration of 620 pence per share.
22 February 2019Provident Financial plc offer by Non-Standard Financial plcMining, Metals & ExtractionNon-Standard Financial announced an unsolicited offer for the entire issued and to be issued share capital of Provident Financial structured by way of a takeover offer. The offer is valued at £1.3 billion and the consideration is 8.88 new Non-Standard Financial shares for each Provident Financial share.

 

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