Market Tracker weekly round-up—3 November 2017

Weekly round-up of the latest corporate announcements, including LR/AIM Rules transactions by Norcros plc and by Avesoro Resources Inc.com, a placing and open offer by Norcros plc and a placing and reorganisation by Avesoro Resources Inc, a reorganisation by Hummingbird Resources plc and an AGM notice from CVS Group plc.

The weekly round-up covers all deals announced from the Monday of the previous week until 11.30am 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 homepage.

New deals announced:

AGMs

Announcement date Company Industry sector Key information
2 November 2017 CVS Group plc Professional services CVS Group plc announced that its 2017 AGM will be held on 30 November 2017.

LR/AIM Rules transactions

Announcement date Company Industry sector Key information
2 November 2017 Norcros plc Construction Norcros announced a class 1 transaction under the Listing Rules.
31 October 2017 Avesoro Resources Inc.com Mining, metals & extraction Avesoro has announced a related party transaction under the AIM Rules.

Reorganisations

Announcement date Company Industry sector Key information
31 October 2017 Avesoro Resources Inc Mining, metals & extraction Avesoro Resources Inc. announced its intention to propose, subject to shareholder approval, a share consolidation (or reverse stock split) of the issued and outstanding Common Shares at a ratio of one post-consolidation Common Share for ever hundred pre-consolidation Common Shares. The Company intends to send a circular to shareholders in due course for shareholder approval of the share consolidation, to be completed in 2018.
30 October 2017 Hummingbird Resources plc Mining, metals & extraction Hummingbird Resources plcannounced a proposed reduction of the Company’s share capital through the cancellation of the Company’s share premium account. As a result of share issuances, the Company’s share premium account as at 31 December 2016 stood at US$148,516,000. By cancelling the share premium account, distributable reserves up to this amount could be created. This would be used to eliminate any accumulated deficit on the Company’s profit and loss account (which, as at 31 December 2016, was US$12,959,000) and to the extent that the balance arising upon completion exceeds such deficit, to create distributable reserves which may be used in future for market purchases of the Company’s own shares, in payment of dividends or for other corporate purposes. The cancellation is conditional upon, amongst other things, the approval of the Court and of shareholders at the General Meeting on 13 December 2017. The Company expects to make an application to the Court in respect of the approval of the Cancellation within 18 months from the date of the passing of the Resolution at the General Meeting.

Returns of value to shareholders

Announcement date Company Industry sector Key information
1 November 2017 Next plc Retail & wholesale trade Next plcannounced a special dividend of 45p per share to be paid on 25 January 2018 to shareholders registered at the close of business on 5 January 2018. Shares will trade ex‐dividend from 4 January 2018.

Secondary offers

Announcement date Issuer Industry sector Key information
2 November 2017 Norcros plc Construction Norcros plcannounced its intention to conduct a firm placing and placing and open offer to raise gross proceeds of £31.4 million (before expenses) through the issue of 18,254,161 new ordinary shares at a price of 172 pence per share.
The proceeds of the placing will be used to part-fund the acquisition of Merlyn Industries Limited, which is being acquired for a total consideration of £60 million on a debt free, cash free basis.
31 October 2017 Avesoro Resources Inc. Mining, metals & extraction Avesoro Resources Incannounced that it has conditionally raised approximately £15.2 million ($20 million) through a placing of 797,449,000 new common shares at a placing price of 1.9 pence per placing share, representing approximately 15% of the company's existing issued share capital.
The proceeds of the placing will be used to fund the acquisition of the Youga Gold Mine and Balogo Gold Mine in Burkina Faso and the remainder will be used for general working capital purposes.
Up to a further £1.89 million ($2.5 million) may be raised for working capital purposes by way of a broker option as determined by the brokers, which will remain open for exercise until 5.00 p.m. on 31 October 2017.

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