Market Tracker weekly round-up—3 August 2018

Weekly round-up of the latest corporate announcements, including recommended cash offers by Action Group Holdings Co (KSCC) for Action Hotels plc and Volcan Investments Limited for Vedanta Resources plc, an IPO by Sensyne Health plc, secondary offers by Path Investments plc, Vitesse Media plc and Avacta Group plc, a joint venture between GVC Holdings plc and MGM Resorts International, a return of value by Rio Tinto plc, reverse takeovers by Applegreen plc and Vitesse Media plc, related party transactions under the AIM rules by Vitesse Media plc, Savannah Resources plc and Avacta Group plc, reorganisations by EPE Special Opportunities plc and Vitesse Media plc .

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.

The information contained in the weekly round up is republished in the monthly round up at the end of the month. The Market Tracker monthly round-up—July 2018 is currently available. To access previous monthly round ups please visit the Monthly deal round-ups archive.

All transactions covered in this update are available on the Market Tracker deal analysis tool containing over 3000 public company deal summaries.

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

New deals announced:

IPOs

Announcement date Issuer Industry sector Key information
3 August 2018 Sensyne Health Limited Healthcare Sensyne Health announced its intention to list on AIM. Admission is expected on 17 August 2018.

Joint ventures

Announcement date Deal Industry sector Key information
30 July 2018 GVC Holdings plc and MGM Resorts International Travel, hospitality, leisure & tourism GVC announced a 50/50 joint venture with MGM Resorts to create a world-class sports betting and online gaming platform in the United States. The joint venture will be well-positioned to engage in the new opportunities created by the recent U.S. Supreme Court decision overturning the U.S. federal Professional and Amateur Sports Protection Act.The value of the gross assets of the joint venture is US$200 million.

LR/AIM Rules transactions

Announcement date Company Industry sector Key information
1 August 2018 Vitesse Media plc Media & telecommunications Vitesse Media announced a related party transaction under the AIM rules.
1 August 2018 Savannah Resources plc Mining, metals & extraction Savannah Resources announced a related party transaction under the AIM rules.
31 July 2018 Avacta Group plc Pharmaceuticals & biotechnology Avacta Group  announced a related party transaction under the AIM Rules.

Reorganisations

Announcement date Company Industry sector Key information
1 August 2018 EPE Special Opportunities plc Investment EPE announced that it proposes to migrate the company's jurisdiction of incorporation from the Isle of Man to Bermuda. EPE will cancel its ordinary shares trading on AIM.
31 July 2018 Vitesse Media plc Media & telecommunications Vitesse Media announced a proposed share reorganisation. Under the share reorganisation it is proposed that:

  1.  every existing ordinary share be sub-divided and redesignated as one ordinary share of 0.025 pence and 39 deferred shares of 0.025 pence each; and
  2. every 40 resulting ordinary shares be consolidated into one new ordinary share and every 360 resulting deferred shares be consolidated into one new deferred share.

Returns of value to shareholders

Announcement date Company Industry sector Key information
1 August 2018 Rio Tinto plc Mining, metals & extraction Rio Tinto and Rio Tinto Limited announced a US$1.0 billion share buy-back programme of Rio Tinto‘s ordinary shares of 10 pence each. The share buy-back was an addition to the on-market buy-back programmes of Rio Tinto’s shares announced on 21 September 2017 and 7 February 2018 of which US$1.75 billion (in aggregate) has been completed.

Reverse takeovers

Announcement date Company Industry sector Key information
2 August 2018 Applegreen plc acquisition of Welcome Break Holdings Limited Retail & wholesale trade Applegreen announced that it entered into an agreement to acquire NIBC European Fund 1 C.V, 55.02% holding in Welcome Break by the acquisition of shares in Appia Group Limited and unsecured subordinated Eurobond fixed rate notes issued by Appia Europe Limited (a wholly owned subsidiary of Appia Group Limited) for a cash consideration of approximately €361.8 million.The transaction constitutes a reverse takeover of the Company under the ESM Rules for Companies and the AIM Rules.
31 July 2018 Vitesse Media plc Media & telecommunications Vitesse Media announced it entered into a conditional agreement to acquire the trade and assets of InvestmentNews for a total consideration of £20.7 million.  The acquisition constitutes a reverse takeover pursuant to Rule 14 of the AIM Rules and, as such, is subject to Shareholders' approval at a general meeting due to be held on 16 August 2018.

Secondary offers

Announcement date Issuer Industry sector Key information
1 August 2018 Vitesse Media plc Media & telecommunications Vitesse Media announced a conditional placing, to raise up to £22.5 million in gross proceeds. The placing will be conducted through an accelerated bookbuild, It is expected that 28,125,000 shares will be issued as part of the placing. Admission is expected on 17 August 2018.
31 July 2018 Avacta Group plc Pharmaceuticals & biotechnology Avacta Group announced a proposed placing and subscription to raise gross proceeds of £11.4 million.
31 July 2018 Imperial Brands plc Retail & wholesale trade Imperial Brands announced a placing to raise gross proceeds of approximately £235 million.
30 July 2018 Path Investments plc Energy & utilities
Investment
Path Investments announced a placing to raise £10 million.

Takeovers

Announcement date Deal Industry sector Key information
3 August 2018 Action Hotels plc offer by Action Group Holdings Co (KSCC) Travel, leisure, hospitality & tourism Action Group announced that its wholly owned subsidiary Action Real Estate Company (KSCC), made a recommended cash offer of £35.43 million for the entire issued and to be issued share capital of Action Hotels. The offer will be structured by way of a scheme of arrangement pursuant to Article 125 of the Jersey Companies Law.The firm offer progressed from the possible offer announced by Action Group on 29 June 2018. See deal summary: Action Hotels plc possible offer by Action Group Holdings Co (KSCC) (firm offer announced).
31 July 2018 Vedanta Resources plc offer by Volcan Investment Limited Mining, metals & extraction Vedanta announced it received a recommended cash offer from Volcan for the remaining issued and to be issued share capital of Vedanta, by way of a contractual offer. Vedanta shareholders will receive 825 pence per Vedanta share.Volcan holds approximately 66.53% of Vedanta's total issued share capital.
The recommended cash offer follows from Volcan’s possible offer announced on 2 July 2018.
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