Market Tracker weekly round-up—24 May 2019

Market Tracker weekly round-up—24 May 2019

Weekly round-up of the latest corporate announcements, including a possible offer for Acacia Mining plc by Barrick Gold Corporation, recommended offers for Tarsus Group plc by Charterhouse Capital Partners LLP, A&J Mucklow Group plc by Londonmetric Property plc, SafeCharge International Group Limited by Nuvei Corporation and WYG plc by Tetra Tech Inc., a possible IPO by Trainline, reverse takeovers of Blockchain Worldwide plc by Entertainment AI, Inc. Totally plc by Greenbrook Healthcare and Amryt Pharma plc by Aegerion Pharmaceuticals, secondary offers by Serco Group plc, Marlowe plc, M&S Group plc, Huntsworth plc and AB Dynamics plc, joint ventures between NewRiver REIT plc and BRAVO Strategies III LLC, Helical plc and AshbyCapital, and Golden Saint Technologies Limited and Siam Motors Co Ltd, a return of value and a capital reorganisation by Randall & Quilter Investment Holdings Ltd, related party transactions under the AIM rules by AB Dynamics plc, Huntsworth plc and Equatorial Palm Oil plc and 14 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 5,000 public company deal summaries.

For trend reports and other analysis see our Trend Reports subtopic.

New deals (and AGMs) announced:

AGMs

Announcement dateCompanyIndustry sectorKey information
23 May 2019BT Group plcMedia & TelecommunicationsBT Group has announced that its 2019 AGM will be held on 10 July 2019.
23 May 2019Marks & Spencer Group plcRetail & Wholesale TradeMarks & Spencer Group plc has announcedthat its 2019 AGM will be held on 9 July 2019.
23 May 2019Mediclinic International plcHealthcareMediclinic International has announced that its 2019 AGM will be held on 24 July 2019.
23 May 2019TalkTalk Telecom Group plcMedia & TelecommunicationsTalkTalk Telecom Group has announced that its 2019 AGM will be held on 17 July 2019.
22 May 2019Royal Mail plcTransportRoyal Mail has announced that its 2019 AGM will be held on 18 July 2019.
22 May 2019SSE plcEnergy & UtilitiesSSE has announced that its 2019 AGM will be held on 18 July 2019.
21 May 2019Babcock International Group plcEnergy & UtilitiesBabcock International Group has announcedthat its 2019 AGM will be held on 18 July 2019.
21 May 2019Big Yellow Group plcInvestmentBig Yellow Group has announced that its 2019 AGM will be held on 19 July 2019.
21 May 2019Electrocomponents plcElectronicsElectrocomponents has announced that its 2019 AGM will be held on 17 July 2019.
21 May 2019Severn Trent plcEnergy & UtilitiesSevern Trent has announced that its 2019 AGM will be held on 17 July 2019.
20 May 2019Aston Martin Lagonda Global Holdings plcAutomobileAston Martin Lagonda Global Holdings has announced that its 2019 AGM will be held on 25 June 2019.
20 May 2019NMC Health plcHealthcareNMC Health has announced that its 2019 AGM will be held on 20 June 2019.
20 May 2019TBC Bank Group plcBanking & FinanceTBC Bank Group has announced that its 2019 AGM will be held on 24 June 2019.
17 May 2019Whitbread plcTravel, Hospitality, Leisure & TourismWhitbread has announced that its 2019 AGM will be held on 19 June 2019.

Capital reorganisations

Announcement dateCompanyIndustry sectorKey information
20 May 2019Randall & Quilter Investment Holdings LtdFinancial ServicesRandall & Quilter Investment Holdings announced a reduction of capital whereby shareholders will be issued one AB share for each ordinary share held by them on 12 June 2019.  On or around 13 June 2019, the AB shares will be cancelled pursuant to the reduction of capital and holders of the AB shares will be paid the capital paid up on the AB Shares (being 5.6 pence per AB share).

IPOs

Announcement dateIssuerIndustry sectorKey information
22 May 2019TrainlineTransportTrainline announced an intention to publish a registration document. The registration document will be available for inspection once approved by the FCA.  The company is considering proceeding with an IPO and admission of its shares to the premium listing segment of the Official List and to trading on the London Stock Exchange's main market for listed securities. 
It is expected that Trainline would be eligible for inclusion in FTSE UK indices post admission.

Joint ventures

Announcement dateDealIndustry sectorKey information
23 May 2019NewRiver REIT plc and BRAVO Strategies III LLC InvestmentNewRiver has announced a joint venture with BRAVO Strategies III LLC. Once established, it is intended that the joint venture will acquire and manage a portfolio of retail parks in the UK, as well as identifying and pursuing other opportunities in the UK retail sector. 
Initially, NewRiver will hold a 50% interest in the gross assets of the JV and will benefit from 50% of the net rental income.
20 May 2019Golden Saint Technologies Limited and Siam Motors Co Ltd Computing & ITGST announced that the company has signed a Letter of Intent with Siam Motors Co Ltd detailing the parties intention to enter into a joint venture to build, own and operate a tier three data centre facility in Pattaya and/or Chonburi Province in Thailand.
It is the intention of the parties to form a new Thai joint venture company to progress the project that will be initially owned 48% by SIAM, 4% by GST's local partner and 48% by GST, in order to comply with legal regulations in Thailand.
20 May 2019Helical plc and AshbyCapitalInvestmentHelical and AshbyCapital announced that they have acquired, in a 50:50 joint venture, a major development site, from private clients of Nuveen Real Estate, in the heart of Farringdon. Situated on the corner of Charterhouse Street and Farringdon Road, the site has an existing planning consent for a building designed by Lifschutz Davidson Sandilands for 192,000 sq ft of offices and ground floor retail.

LR/AIM Rules transactions

Announcement dateCompanyIndustry sectorKey information
21 May 2019AB Dynamics plcEngineering & ManufacturingAB Dynamics announced a related party transaction under the AIM rules.
21 May 2019Equatorial Palm Oil plcOil & GasEquatorial Palm Oil announced a related party transaction under the AIM rules.
21 May 2019Huntsworth plcHealthcareHuntsworth announced a related party transaction under the AIM rules.

Returns of value to shareholders

Announcement dateCompanyIndustry sectorKey information
20 May 2019Randall & Quilter Investment Holdings LtdFinancial ServicesRandall & Quilter Investment Holdings announced a proposed return of capital which involves the creation and capitalisation of the AB shares from monies standing to the credit of the company's share premium account and the reduction of capital.

Reverse takeovers

Announcement dateCompanyIndustry sectorKey information
23 May 2019Blockchain Worldwide plc acquisition of Entertainment AI, Inc.InvestmentBlockchain Worldwide announced that it had made a non-legally binding offer to acquire the entire issued share capital of Entertainment AI, an artificial intelligence and machine learning focused company operating in the media space. The completion of the acquisition would constitute a reverse takeover under the Listing Rules.
21 May 2019Amryt Pharma plc acquisition of Aegerion PharmaceuticalsPharmaceuticals & BiotechnologyAmryt Pharma announced that it has reached agreement to acquire Aegerion Pharmaceuticals, a subsidiary of Novelion Therapeutics Inc. The transaction has been unanimously approved and recommended by the boards of Amryt, Aegerion and Novelion.
The transaction constitutes a reverse takeover under the AIM Rules.
17 May 2019Totally plc acquisition of Greenbrook Healthcare HealthcareTotally announced a proposed acquisition of Greenbrook Healthcare which will be funded via an equity fundraise. The proposed acquisition constitutes a reverse takeover under Rule 14 of the AIM Rules.

Secondary offers

Announcement dateIssuerIndustry sectorKey information
23 May 2019Serco Group plcFinancial ServicesSerco Group has announced a placing, by way of an accelerated bookbuild of 111,216,400 shares. The placing is expected to raise gross proceeds of £130 million.
22 May 2019Marks and Spencer Group plcRetail & Wholesale TradeMarks and Spencer announced a 1–for-5 fully underwritten rights issue, to fund its joint venture with Ocado Group plc. The prospectus will be published on 24 May 2019. 
The rights issue is intended to raise gross proceeds of approximately £601.3 million.
22 May 2019Marlowe Group plcProfessional ServicesMarlowe Group announced a placing to raise gross proceeds of £20 million. The placing will be conducted by way of an accelerated bookbuild. Up to 4,694,836 new ordinary shares at 426 pence per share will be issued.
21 May 2019Huntsworth plcHealthcareHuntsworth announced a placing to raise gross proceeds of £16 million. The placing will consist of 17,477,800 new ordinary shares at a price of 93 pence per placing share.
20 May 2019AB Dynamics plcEngineering & ManufacturingAB Dynamics announced a placing to raise approximately £50.1 million before expenses, by way of a placing of up to £45.1 million and an open offer of up to £5 million at a price of 2200 pence per share.

Takeovers

Announcement dateDealIndustry sectorKey information
24 May 2019Tarsus Group plc offer by Charterhouse Capital Partners LLPMedia & TelecommunicationsCharterhouse announced a recommended cash offer through its wholly owned subsidiary Tiger Acquisitions Limited, for the entire issued and to be issued share capital of Tarsus Group, structured by way of a scheme of arrangement under Article 125 of the Jersey Companies Law.The offer value is £561 million and consideration value is 425 pence. The enterprise value is £668 million.
23 May 2019A&J Mucklow Group plc offer by Londonmetric Property plcInvestmentA&J Mucklow Group announced it received a cash and share recommended offer from LondonMetric Property to acquire the entire issued and to be issued ordinary share capital of A&J Mucklow. The offer is to be structured by way of a scheme of arrangement.The combination values each Mucklow ordinary Sshare at 655.2 pence and the entire issued and to be issued ordinary share capital of Mucklow at approximately £414.7 million.
22 May 2019SafeCharge International Group Limited offer by Nuvei CorporationProfessional ServicesSafeCharge International Group announcedthat it received a recommended cash offer for its entire issued and to be issued share capital by Nuvei through its wholly owned subsidiary 11411802 Canada Inc., under Guernsey Law, structured by way of a scheme of arrangement. The consideration value is £4.36 per share and the offer value is £699 million.
21 May 2019Acacia Mining plc possible offer by Barrick Gold CorporationMining, Metals & ExtractionBarrick Gold Corporation announced a possible offer of all of the shares that it does not already own in Acacia Mining through a share for share exchange of 0.153 Barrick Gold Corporation shares for each ordinary share of Acacia Mining. The PUSU deadline is on 18 June 2019.
20 May 2019WYG plc offer by Tetra Tech Inc.Professional ServicesWYG announced that it had received a recommended cash offer by Tetra Tech UK Holdings Limited, a wholly owned subsidiary of Tetra Tech, structured by way of a scheme of arrangement.The offer value is £43.4 million and the consideration value is 55 pence per WYG share.

 

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