Market Tracker weekly round-up—23 February 2018

Weekly round-up of the latest corporate announcements, including a possible offer by Stobart Group Limited and an offer for Fidessa Group plc by Temenos Group AG, an IPO by Augmentum Fintech plc, a reverse takeover by Standard Life Assurance Limited, secondary offers by The PRS REIT plc, easyHotel Plc and Unite Group plc, returns of value by International Consolidated Airlines Group, Lloyds Banking Group plc, Sports Direct International plc, Spectris plc, and Fidessa plc, a joint venture between Xtract Resources plc and Omnia Mining Ltd, related party transactions by CVS Group plc and easyHotel plc and a Class 1 Transaction by Phoenix Group Holdings, and AGM notices by William Hill plc, Rightmove plc, Fresnillo plc, Barclays plc, BAE Systems plc, Rathbone Brothers plc, Centrica plc, British American Tobacco plc, Hochschild Mining plc, KAZ Minerals plc, Moneysupermarket.com Group plc, Capital & Counties Properties plc, Unite Group plc, Melrose Industries plc., Spectris plc, Fidessa Group plc and Reckitt Benckiser Group plc.
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 (AGMs) announced:

Announcement date Company Industry sector Key information
23 February 2018 Rightmove plc Media & telecommunications Rightmove announced that its 2018 AGM will be held on 4 May 2018.
23 February 2018 William Hill plc Travel, hospitality, leisure & tourism William Hill announced that its 2018 AGM will be held on 30 June 2018.
22 February 2018 Barclays plc Banking & finance Barclays announced that its 2018 AGM will be held on 1 May 2018.
22 February 2018 BAE Systems plc Aerospace & defence BAE Systems announced that its 2018 AGM will be held on 10 May 2018.
22 February 2018 British American Tobacco plc Consumer products British American Tobacco announced that its 2018 AGM will be held on 25 April 2018.
22 February 2018 Centrica plc Oil & gas Centrica announced that its 2018 AGM will be held on 14 May 2018.
22 February 2018 Fresnillo plc Mining, metals & extraction Fresnillo announced that its 2018 AGM will be held on 30 May 2018.
22 February 2018 KAZ Minerals plc Mining, metals & extraction KAZ Minerals announced that its 2018 AGM will be held on 3 May 2018.
22 February 2018 Rathbone Brothers plc Financial services Rathbone Brothers announced that its 2018 AGM will be held on 10 May 2018.
21 February 2018 Capital & Counties Properties plc Property Capital & Counties Properties announced that its 2018 AGM will be held on 4 May 2018.
21 February 2018 Hochschild Mining plc Mining, metals & extraction Hochschild Mining announced that its 2018 AGM will be held on 25 May 2018.
21 February 2018 Unite Group plc Investment Unite Group announced that its 2018 AGM will be held on 10 May 2018.
20 February 2018 Melrose Industries plc Construction Melrose Industries announced that its 2018 AGM will be held on 10 May 2018.
19 February 2018 Spectris plc Electronics Spectris announced that its 2018 AGM will be held on 25 May 2018.
19 February 2018 Fidessa Group plc Computing & IT Fidessa Group announced that its 2018 AGM will be held on 26 April 2018.
19 February 2018 Reckitt Benckiser Group plc Consumer products Reckitt Benckiser Group announced that its 2018 AGM will be held on 3 May 2018.

IPOs

Announcement date Issuer Industry sector Key information
22 February 2018 Augmentum Fintech plc Computing & IT Banking & finance Augmentum Fintech announced that it is seeking to issue a target of 100 million ordinary shares in the capital of the company at an issue price of £1.00, with a maximum issue size of 125 million shares, by way of a placing, offer for subscription and intermediaries offer.
The company has published a prospectus relating to the proposed admission of the company's shares to the premium listing segment of the Official List of the FCA and to trading on the main market of the London Stock Exchange.

Joint ventures

Announcement date JV parties Industry sector Key information
19 February 2018 Xtract Resources plc and Omnia Mining Ltd Mining, metals & extraction Xtract Resources announced that is has concluded a further collaboration agreement with Omnia Mining Ltd for the exploitation of the hard rock gold deposits at Xtract's Manica mining concession in Mozambique (other than the Fair Bride project, which remains under the sole control and management of Xtract.).
Any hard rock occurrences that meet the agreed target hurdle rate of return of 25% will be mined and the benefits shared on a 50:50 basis

LR/AIM Rules transactions

Announcement date Company Industry sector Key information
23 February 2018 Phoenix Group Holdings Financial services Phoenix Group announced a Class 1 transaction under the Listing Rules..
22 February 2018 easyHotel plc Travel, hospitality, leisure & tourism easyHotel announced a related party transaction under the AIM rules.
16 February 2018 CVS Group plc Retail & wholesale trade CVS Group announced a related party transaction under the AIM rules.

Returns of value to shareholders

Announcement date Company Industry sector Key information
23 February 2018 International Consolidated Airlines Group Travel, hospitality, leisure & tourism International Consolidated Airlines announcedits intention to carry out a share buyback of £439,700,000 (€500 million) during the course of 2018 as part of its corporate finance strategy to return cash to shareholders.
21 February 2018 Lloyds Banking Group plc Banking & finance Lloyds Banking announced a share buyback of up to £1billion, equivalent to up to 1.4 pence per share.
The share buyback programme will commence in March 2018 and is expected to be completed during the next 12 months.
20 February 2018 Sports Direct International plc Retail & wholesale trade Sports Direct International announced its intention to commence a share buyback programme from 20 February 2018 up to and including 5 September 2018.
The aggregate purchase price will be no greater than £100,000,000 and the maximum number of shares that may be purchased will be 300,000,000 ordinary shares.
19 February 2018 Spectris plc Electronics Spectris announced a share buyback of £100 million to take place during 2018 following the divestment of Microscan in October 2017.
19 February 2018 Fidessa plc Computing & IT Fidessa announced a proposed special dividend of 50.0 pence that, if approved by shareholders, will be paid on 7 June 2018 to shareholders on the register on 11 May 2018.

Reverse takeovers

Announcement date Company Industry sector Key information
23 February 2018 Phoenix Group Holdings acquisition of Standard Life Assurance Limited and Vebnet Limited Healthcare Phoenix Group announced a potential reverse takeover of Standard Life Assurance Limited and Vebnet Limitedor a total consideration of £2,930m (the "Acquisition"), and the extension and significant enhancement of the existing long term Strategic Partnership with Standard Life Aberdeen.This constitutes a reverse takeover under the listing rules and is therefore subject to the requirements of a Class 1 transaction, including being conditional upon the approval of Phoenix's shareholders.

Secondary offers

Announcement date Issuer Industry sector Key information
22 February 2018 easyHotel plc Travel, hospitality, leisure & tourism easyHotel has announced a conditional placing of 45,454,546 new ordinary shares of 1 pence each in the capital of the Company at a price of 110 pence per Placing Share to raise approximately £50 million before expenses.
The placing shares represent approximately 45.2% of the ordinary shares in issue and the placing price represents a discount of approximately 3.9% to the closing mid-market price of 114.5 pence per existing ordinary share on 21 February 2018.
21 February 2018 Unite Group plc Investment Unite Group has announced its intention to conduct a placing of up to approximately 22.2 million new ordinary shares in the company at a price of 765 pence per placing share, with existing and new institutional investors, raising gross proceeds of approximately £170 million. The net placing price of approximately 750 pence per Placing Share to be received by the Company after expenses directly attributable to the Placing represents a discount of approximately 3.6% per cent. to that intra-day price.
The placing shares represent up to approximately 9.2% of the company's existing issued ordinary share capital.
20 February 2018 The PRS REIT plc Investment The PRS REIT has announced  that it has successfully raised gross proceeds of £250 million pursuant to the placing of 243,902,440 ordinary shares of £0.01 each in the company at a placing price of 102.5 pence per share to qualified investors as described in the announcement released on 31 January 2018.

Takeovers

Announcement date Deal Industry sector Key information
22 February 2018 Flybe plc — possible offer by Stobart Group Limited Travel, hospitality, leisure & tourism Flybe announced a possible offer by Stobart Group plc. The PUSU deadline is on 22 March 2018.
21 February 2018 Fidessa Group plc — offer by Temenos Group AG Computing & IT Fidessa announced a recommended all cash acquisition by Temenos, through its wholly-owned subsidiary, Temenos Bidco, of the entire issued and to be issued ordinary share capital of Fidessa.This follows from Fidessa’s announcement of a possible approach by Temenos on 20 February 2018.
The price of £35.67 in cash for each Fidessa Share values the entire issued and to be issued share capital of Fidessa at approximately £1.4 billion on the basis of a fully diluted share capital of 39,136,739 Fidessa Shares.
20 February 2018 Fidessa Group plc — possible offer by Temenos Group AG Computing & IT Fidessa announced it has been in an advanced discussions regarding a possible all cash offer by Temenos for the entire issued and to be issued share capital of Fidessa.The total value of the Possible Offer is £36.467 per Fidessa share including the final and special dividends.
Filed Under: Round-ups

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