Market Tracker weekly round-up—23 November 2018

Weekly round-up of the latest corporate announcements, including a possible offer for Flybe Group plc by Virgin Atlantic Airways Limited, a recommended cash offer for BTG plc by Boston Scientific Corporation, an IPO by Huatai Securities Limited, secondary offers by Mears Group plc, Fastjet plc and Mercantile Ports & Logistics Limited, returns of value by Eland Oil & Gas plc, Ei Group plc, Kingfisher plc, SSP Group plc and Standard Life Aberdeen plc, related party transactions under the AIM rules by Fastjet plc and Mercantile Ports & Logistics plc, a delisting and reorganisation by Rasmala plc, a delisting from Juridica Investments Limited, and six 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 4,000 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 date Company Industry sector Key information
22 November 2018 Euromoney Institutional Investor plc Media & Telecommunications Euromoney Institutional Investor has announced that its 2019 AGM will be held on 1 February 2019.
21 November 2018 Paragon Banking Group plc Financial Services Paragon Banking Group has announced that its 2019 AGM will be held on 14 February 2019.
21 November 2018 SSP Group plc Travel, Leisure, Hospitality & Tourism SSP Group has announced that its 2019 AGM will be held on 21 February 2019.
20 November 2018 Compass Group plc Travel, Leisure, Hospitality & Tourism Compass Group has announced that its 2019 AGM will be held on 7 February 2019.
20 November 2018 easyJet plc Travel, Leisure, Hospitality & Tourism easyJet has announced that its 2019 AGM will be held on 7 February 2019.
19 November 2018 Diploma plc Professional Services Diploma plc has announced that its 2019 AGM will be held on 16 January 2019.

Capital reorganisations

Announcement date Company Industry sector Key information
16 November 2018 Rasmala plc Financial Services Rasmala has announced its intention to change the group's corporate structure by inserting a new company, incorporated in the BVI, as the ultimate parent company of the group.

Delistings

Announcement date Delisting company Industry sector Key information
22 November 2018 Juridica Investments Limited Investment Juridica Investments has announced that it intends to cancel the admission of its ordinary shares to trading on AIM. The company intends to operate on a reduced cost basis until the remaining investments are realised, at which point the company will be wound up. Subject to shareholder approval, KPMG Channel Islands will be appointed as the liquidator. The proposed date of cancellation is 21 December 2018, providing all the resolutions are passed at a general meeting on 20 December.
16 November 2018 Rasmala plc Financial Services Rasmala has announced its intention to cancel the admission of its shares to trading on AIM.

IPOs

Announcement date Issuer Industry sector Key information
22 November 2018 Huatai Securities Limited Financial Services Huatai Securities announced an intention to list 82,515,000 global depository receipts (GDRs) with each GDR representing ten A shares of the company. The offer represents 10% of the total ordinary share capital of the company. The company expects to receive £383 million in proceeds from the issue.

LR/AIM Rules transactions

Announcement date Company Industry sector Key information
19 November 2018 Fastjet plc Travel, Hospitality, Leisure & Tourism Fastjet announced a related party transaction under the AIM rules.
19 November 2018 Mercantile Ports & Logistics plc Transport Mercantile Ports & Logistics announced a related party transaction under the AIM rules.

Returns of value to shareholders

Announcement date Company Industry sector Key information
21 November 2018 Kingfisher plc Retail & Wholesale Trade Kingfisher has announced that it has instructed Goldman Sachs International in relation to an irrevocable non-discretionary programme to purchase its shares for cancellation, during the period which commences on 21 November 2018 and ends no later than 25 January 2019.
The maximum amount allocated to the programme will be no greater than £50,000,000. The purpose of the programme is to reduce the share capital of the company.
21 November 2018 SSP Group plc Travel, Leisure, Hospitality & Tourism SSP Group has announced plans to return cash to shareholders through a special dividend of around £150m, which is proposed for next April alongside a share consolidation.
20 November 2018 Ei Group plc Travel, Leisure, Hospitality & Tourism Ei Group has announced a share buyback programme of up to £20 million.
Purchases of ordinary shares pursuant to the programme will fall within the maximum of 72,075,611 ordinary shares that the company was authorised to purchase under the general authority granted by shareholders at the company's most recent annual general meeting held on 8 February 2018, and all shares will be purchased within the parameters as to price and daily volume specified in that authority.
The programme is currently expected to end no later than 7 February 2019. The purpose of the programme is to reduce the share capital of the company and return funds to shareholders who sell their shares; repurchased shares will be cancelled.
20 November 2018 Standard Life Aberdeen plc Financial Services Standard Life Aberdeen announced that it has entered into a non-discretionary instruction with Goldman Sachs International in relation to the purchase by Goldman Sachs, acting as principal, of ordinary shares in the company's share capital for an aggregate consideration of no greater than £200m. The purchase of shares will take place during the period commencing on 20 November 2018 and ending no later than 27 March 2019.
19 November 2018 Eland Oil & Gas plc Oil & Gas Eland Oil & Gas has announced a share buyback programme for a maximum aggregate consideration of up to £3.0 million.
The board believes that the current share price substantially undervalues the company's assets, the performance of the business to date, and its prospects. The company's robust balance sheet provides the opportunity to take advantage of prevailing market conditions to repurchase shares at advantageous levels.

Secondary offers

Announcement date Issuer Industry sector Key information
19 November 2018 Fastjet plc Travel, Hospitality, Leisure & Tourism Fastjet announced a placing by way of an accelerated bookbuild through the issue of 898,437,499 shares at a placing price of one penny per share, a subscription by Solenta Aviation Holdings Limited for 316,738,282 shares, and an open offer to be made to qualifying shareholders. The company intends to send a circular to shareholders in relation to the subscription and open offer on 21 November 2018.
19 November 2018 Mears Group plc Professional Services Mears Group announced a proposed placing to raise gross proceeds of approximately £22.5 million. The company outlined that the placing will consist of 6,781,331 ordinary shares at a price of 33.15 pence each. The placing is fully underwritten by Peel Hunt LLP. Admission of the placing shares is expected on 21 November 2018.
19 November 2018 Mercantile Ports & Logistics Limited Transport Mercantile Ports & Logistics announced a fund raise to raise gross proceeds of approximately £22.75 million through a placing and subscription, and up to approximately £2.07 million through an open offer. Admission is expected on 7 December 2018.

Takeovers

Announcement date Deal Industry sector Key information
23 November 2018 Flybe Group plc possible offer by Virgin Atlantic Airways Limited Travel, Hospitality, Leisure & Tourism Flybe announced that it is in discussions with Virgin Atlantic Airways over the potential sale of Flybe. The possible offer follows from the formal sale process announced by Flybe on 14 November 2018.
Virgin Atlantic was granted dispensation from the 28–day deadline referred to in Rule 2.6 (a) of the Takeover Code, so long as it is participating in the formal sale process.
20 November 2018 BTG plc offer by Boston Scientific Corporation Pharmaceuticals & Biotechnology BTG announced it received a recommended cash offer from Boston Scientific, through its wholly owned subsidiary Bravo Bidco Limited, for its entire issued and to be issued share capital. The firm offer is structured by way of a scheme of arrangement. The offer value is £3.3 billion.
Filed Under: Round-ups

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