Market Tracker weekly round-up—24 March 2017

Weekly round-up of the latest corporate announcements, including secondary offers by Clarkson plc and AFH Financial Group plc, a reverse takeover by Franchise Brands plc, a strategic review announcement by Bowleven plc, returns of value to shareholders by ITV plc and Arbuthnot Banking Group plc, a joint venture between Kier Group plc and CKH Developments Limited, and 35 AGM notices.

New deals (and AGMs) announced:

AGMs

Announcement date Company Key information
24 March 2017 Keller Group plc Keller Group has announced that its 2017 AGM will be held on 11 May 2017.
24 March 2017 IMI plc IMI has announced that its 2017 AGM will be held on 4 May 2017.
24 March 2017 Meggitt plc Meggitt has announced that its 2017 AGM will be held on 27 April 2017.
24 March 2017 Standard Chartered plc Standard Chartered has announced that its 2017 AGM will be held on 3 May 2017.
24 March 2017 Prudential plc Prudential has announced that its 2017 AGM will be held on 18 May 2017.
23 March 2017 Berendsen plc Berendsen has announced that its 2017 AGM will be held on 27 April 2017.
23 March 2017 Indivior plc Indivior has announced that its 2017 AGM will be held on 17 May 2017.
23 March 2017 Intu Properties plc Intu Properties plc has announced that its 2017 AGM will be held on 3 May 2017.
23 March 2017 Metro Bank plc Metro Bank has announced that its 2017 AGM will be held on 25 April 2017.
23 March 2017 Shire plc Shire has announced that its 2017 AGM will be held on 25 April 2017.
23 March 2017 Intertek Group plc Intertek Group has announced that its 2017 AGM will be held on 26 May 2017.
23 March 2017 Just Eat plc Just Eat has announced that its 2017 AGM will be held on 25 April 2017.
22 March 2017 Admiral Group plc Admiral Group has announced that its 2017 AGM will be held on 26 April 2017.
22 March 2017 RSA Insurance Group plc RSA Insurance Group has announced that its 2017 AGM will be held on 5 May 2017.
22 March 2017 Centrica plc Centrica has announced that its 2017 AGM will be held on 8 May 2017.
22 March 2017 Ultra Electronics Holdings plc Ultra Electronics holdings has announced that its 2017 AGM will be held on 28 April 2017.
22 March 2017 Howden Joinery Group plc Howden Joinery Group has announced that its 2017 AGM will be held on 2 May 2017.
21 March 2017 Elementis plc Elementis has announced that its 2017 AGM will be held on 25 April 2017.
21 March 2017 ITV plc ITV has announced that its 2017 AGM will be held on 10 May 2017.
21 March 2017 London Stock Exchange plc London Stock Exchange has announced that its 2017 AGM will be held on 26 April 2017.
21 March 2017 Reckitt Benckiser Group plc Reckitt Benckiser Group has announced that its 2017 AGM will be held on 4 May 2017.
21 March 2017 Serco Group plc Serco Group has announced that its 2017 AGM will be held on 11 May 2017.
21 March 2017 Bodycote plc Bodycote has announced that its 2017 AGM will be held on 15 May 2017.
21 March 2017 Capital & Counties Properties plc Capital & Counties Properties has announced that its 2017 AGM will be held on 5 May 2017.
21 March 2017 Convatec Group plc Convatec Group has announced that its 2017 AGM will be held on 11 May 2017.
21 March 2017 Fevertree Drinks plc Fevertree drinks has announced that its 2017 AGM will be held on 15 May 2017.
20 March 2017 BBA Aviation plc BBA Avidation has announced that its 2017 AGM will be held on 5 May 2017.
20 March 2017 Cobham plc Cobham has announced that its 2017 AGM will be held on 27 April 2017.
20 March 2017 Croda International plc Croda International has announced that its 2017 AGM will be held on 26 April 2017.
20 March 2017 Domino's Pizza plc Domino's Pizza has announced that its 2017 AGM will be held on 20 April 2017.
20 March 2017 Fidessa Group plc Fidessa Group has announced that its 2017 AGM will be held on 26 April 2017.
20 March 2017 Persimmon plc Persimmon has announced that its 2017 AGM will be held on 27 April 2017.
20 March 2017 Spectris plc Spectris has announced that its 2017 AGM will be held on 26 May 2017.
17 March 2017 Essentra plc Essentra has announced that its 2017 AGM will be held on 20 April 2017
17 March 2017 Schroders plc Schroders has announced that its 2017 AGM will be held on 27 April 2017.

Joint ventures

Announcement date Parties Key information
23 March 2017 Kier Group plc and CKH Developments Limited Kier announced that is has established a joint venture with CKH Developments.
Kier will transfer part of its land bank and a number of its residential developments into the JV with CKH Developments contributing up to £4m of equity into the JV. Kier will receive a cash payment of up to £64m for the assets and the JV will be funded by a non-recourse revolving credit facility from HSBC Bank plc.
There will be a 90:10 split of economic ownership and each party will have 50:50 voting rights. Initial completion of the transaction is expected to take place by 31 March 2017, with subsequent completions expected to take place prior to 30 June 2017 upon the transfer of further sites.

LR/AIM Rules transactions

Announcement date Company Key information
23 March 2017 Franchise Brands Limited Franchise Brands has announced a related party transaction under Rule 13 of the AIM rules.

Returns of value to shareholders

Announcement date Company Key information
23 March 2017 Arbuthnot Banking Group plc Arbuthnot Banking Group has proposed two special dividends of 25 pence and 300 pence respectively, to be paid to on 12 May 2017 to shareholders on the register at close of business on 18 April 2017.
21 March 2017 ITV plc ITV has announced its intention to declared a special dividend of 5 pence per ordinary share.
The special dividend is subject to passing of a resolution at the company's annual general meeting to be held on 10 May 2017.

Reverse takeovers

Announcement date Company Key information
23 March 2017 Franchise Brands plc acquisition of Metro Rod Limited Franchise Brands has announced that it is to acquire Metro Rod Limited.
The acquisition is a reverse takeover under the AIM Rules.

Secondary offers

Announcement date Issuer Key information
21 March 2017 Clarkson plc Clarkson announced that certain selling shareholders have agreed to sell an aggregate of 1,232,462 ordinary shares in the capital of the company at a price of 2750p per ordinary share.
It is intended that the sale of the placing shares will be executed by way of an accelerated bookbuild to institutional investors and will be launched immediately.
The company will not receive any proceeds from the placing.
20 March 2017 AFH Financial Group plc AFH Financial announced a proposed placing to raise gross proceeds of up to £10 million through the placing of new ordinary shares in the capital of the company at a price of 175 pence per ordinary share. The placing is being conducted by way of an accelerated bookbuild process.
The net proceeds of the placing to be used to execute the company's acquisition pipeline and for general corporate purposes.
Additionally, provided that excess demand for the placing exists, Alan Hudson, chief executive officer of the company, has agreed to sell up to 1,000,000 existing ordinary shares owned by him, at the placing price, to raise gross proceeds of up to £1.75 million.

Takeovers

Announcement date Deal Key information
21 March 2017 Bowleven plc—commencement of offer period (strategic review) AIM-listed Bowleven has announced that it has initiated a strategic review of its options, including a sale of the company.
For the purposes of the Takeover Code, the company is, on the publication of such announcement, considered to be within an offer period.

The weekly round-up covers all deals announced from 2pm on the Monday of the previous week until 2pm on the Monday of the current week. Any deals announced after this time will be included in the following day's round-up.

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