Market Tracker weekly round-up—22 March 2019

Weekly round-up of the latest corporate announcements, including a recommended cash offer for Footasylum plc by JD Sports Fashion plc, a possible offer for Inmarsat plc by Apax Partners LLP, Warburg Pincus International LLC and Canada Pension Plan Investment Board, an IPO by The Schiehallion Fund limited, secondary offers by the SimplyBiz Group plc, Seeing Machines ltd and Jubilee Metals plc, joint ventures between Gresham House plc and Aberdeen Standard Investments, Chaarat Gold Holdings Limited and Çiftay İnsaat Tahhüt ve Ticaret A.S, and Gresham House plc and Aberdeen Standard Investments, a capital reorganisation by Croda International plc, a related party transaction by the SimplyBiz Group plc and 19 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 4,800 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
22 March 2019Intertek Group plcProfessional ServicesIntertek Group has announced that its 2019 AGM will be held on 23 May 2019.
22 March 2019Vivo Energy plcOil & GasVivo Energy has announced that its 2019 AGM will be held on 7 May 2019.
21 March 2019Next plcRetail & Wholesale TradeNext has announced that its 2019 AGM will be held on 16 May 2019.
20 March 2019Admiral Group plcFinancial ServicesAdmiral Group has announced that its 2019 AGM will be held on 25 April 2019.
20 March 2019EMIS Group plc Computing & ITEMIS Group has announced that its 2019 AGM will be held on 8 May 2019.
20 March 2019Kingfisher plc Retail & Wholesale TradeKingfisher has announced that its 2019 AGM will be held on 9 July 2019.
19 March 2019Hammerson plcInvestmentHammerson has announced that its 2019 AGM will be held on 30 April 2019.
19 March 2019John Wood Group plcOil & GasJohn Wood Group has announced that its 2019 AGM will be held on 9 May 2019.
19 March 2019Learning Technologies Group plcComputing & ITLearning Technologies Group has announcedthat its 2019 AGM will held on 5 June 2019.
19 March 2019Merlin Entertainments plcTravel, Hospitality, Leisure & TourismMerlin Entertainments has announced that its 2019 AGM will be held on 3 May 2019.
19 March 2019Polypipe Group plcConstructionPolypipe Group has announced that its 2019 AGM will be held on 23 May 2019.
19 March 2019TP ICAP plcFinancial ServicesTP ICAP has announced that its 2019 AGM will be held on 15 May 2019.
18 March 2019Capital & Counties Properties plcPropertyCapital & Counties Properties has announcedthat its 2019 AGM will be held 3 May 2019.
18 March 2019Croda International plcChemicalsCroda International has announced that its 2019 AGM will be held on 24 April 2019.
18 March 2019Diversified Gas & Oil plcOil & GasDiversified Gas & Oil has announced that its 2019 AGM will be held on 17 April 2019.
18 March 2019ITV plcMedia & TelecommunicationsITV has announced that its 2019 AGM will held on 8 May 2019.
18 March 2019Persimmon plcConstructionPersimmon has announced that its 2019 AGM will be held on 1 May 2019.
18 March 2019Weir Group plcEngineering & ManufacturingWeir Group has announced that its 2019 AGM will be held on 30 April 2019.
15 March 2019Johnson Service Group plcProfessional ServicesJohnson Service Group has announced that its 2019 AGM will be held on 8 May 2019.

Capital reorganisations

Announcement dateCompanyIndustry sectorKey information
18 March 2019Croda International plcChemicalsCroda International announced the payment of a special dividend and a consolidation of its existing ordinary shares on the basis of 41 new ordinary shares of 10.609756 pence each for every 42 Existing Ordinary Shares.  A resolution to effect the special dividend and share consolidation will be proposed at the company’s AGM on 26 April 2019.

IPOs

Announcement dateIssuerIndustry sectorKey information
19 March 2019The Schiehallion Fund ltdInvestmentThe Schiehallion Fund announced the publication of a prospectus in connection with its admission to trading on the specialist fund segment of the Main Market of the London Stock Exchange and a proposed placing to raise a target amount of £188 million. The company intends to place up to 600 million ordinary shares at 75 pence per share.
Admission is expected on 21 March 2019.

Joint ventures

Announcement dateDealIndustry sectorKey information
 Morgan Sindall Group and Brentwood Borough CouncilConstructionMorgan Sindall Group has announced that its division Morgan Sindall Investments (MSIL) has been selected as Brentwood Borough Council's preferred joint venture partner to deliver a long-term programme of developments.
The 50:50 joint venture has a potential contract value of up to £1 billion and will provide new homes, mixed-use developments, public spaces, commercial and leisure facilities on the council's portfolio of land. Through the partnership, MSIL will deliver funding and commercial expertise to bring forward redevelopment at pace and scale that will transform the Borough.
21 March 2019Gresham House plc and Aberdeen Standard InvestmentsInvestmentGresham House announced that it has entered into an agreement which proposes the formation of a 50:50 joint venture with Aberdeen Standard Investments relating to its strategic public equity strategy. 
The formation of the joint venture is subject to a number of conditions. It is expected that the joint venture will establish a new fund, grow funds under management that employ the SPE approach and accelerate the growth of Gresham House's existing SPE strategy.
18 March 2019Chaarat Gold Holdings Limited and Çiftay İnsaat Tahhüt ve Ticaret A.S.Mining, Metals and ExtractionChaarat Gold Holdings announced that it has signed a binding term sheet to enter into a Joint Venture with Çiftay İnsaat Tahhüt ve Ticaret A.S (Çiftay).Based on an agreed valuation of £190.35 million (US$252 million) (post money) for the two assets, Çiftay will progressively invest £23.79 million (US$31.5 million) for a 12.5% equity stake in Chaarat Gold Holdings' mining projects.

LR/AIM Rules transactions

Announcement dateCompanyIndustry sectorKey information
20 March 2019The SimplyBiz Group plcFinancial ServicesThe SimplyBiz Group announced a related party transaction under the AIM Rules.

Secondary offers

Announcement dateIssuerIndustry sectorKey information
22 March 2019Jubilee Metals GroupMining, Metals & ExtractionJubilee Metals Group announced a placing of 491,814,444 new ordinary shares of 1 pence each at a price of 2.25 pence per share to raise approximately £11.07 million before expenses.
Admission is expected on 28 March 2019.
20 March 2019Seeing Machines ltdComputing & ITSeeing Machines announced that it has conditionally raised gross proceeds of £27.5 million by way of a conditional placing of, and subscription for, a total of 916,666,667 shares at a price of three pence per share.
A total of 780,666,667 new ordinary shares will be issued in connection with the placing.
Admission is expected on 24 April 2019.
20 March 2019The SimplyBiz Group plcFinancial ServicesThe SimplyBiz Group announced a placing to raise gross proceeds of approximately £29.1 million. The placing consists of a £13.8 million primary placing and a £15.3 million vendor placing. 
Admission is expected on 21 March 2019.

Takeovers

Announcement dateDealIndustry sectorKey information
19 March 2019Inmarsat plc possible offer by Apax Partners LLP, Warburg Pincus International LLC and Canada Pension Plan Investment BoardMedia & TelecommunicationsInmarsat announced that it received a possible offer for its entire issued and to be issued share capital from Apax Partners, Warburg Pincus International and Canada Pension Plan Investment Board.The PUSU deadline is on 16 April 2019.
18 March 2019Footasylum plc offer by JD Sports Fashion plcRetail and Wholesale TradeJD Sports Fashion announced that it had reached an agreement for a recommended cash offer for the entire issued and to be issued share capital (not already owned by JD) of Footasylum. The offer values the entire issued share capital of Footasylum of £90.1 million on a fully diluted basis.

 

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