Market Tracker weekly round-up—5 April 2019

Weekly round-up of the latest corporate announcements, including a recommended cash offer by Quilter plc for Lighthouse Group plc, a mandatory cash offer by Spectre Holdings plc for Bonmarche Holdings plc, possible IPOs by Rustranscom plc, Pure Gold Mining plc and Loungers plc, a secondary offer by Independent Oil & Gas plc and a secondary and related party transaction by Eco (Atlantic) Oil & Gas plc, reverse takeovers of The Airedale House Group of Companies and HCS (North East) Limited by Stranger Holdings plc, a capital reorganisation by Micro Focus International plc and 15 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 4,900 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 dateCompanyIndustry sectorKey information
5 April 2019ContourGlobal plcEnergy & UtilitiesContourGlobal announced that its 2019 AGM will be held on 21 May 2019.
4 April 2019Serco Group plcProfessional ServicesSerco Group announced that its 2019 AGM will be held on 9 May 2019.
4 April 2019Vesuvius plcEngineering & ManufacturingVesuvius announced that its 2019 AGM will be held on 15 May 2019.
3 April 2019Essentra plcProfessional ServicesEssentra has announced that its 2019 AGM will be held on 23 May 2019.
3 April 2019Morgan Advanced Materials plcElectronicsMorgan Advanced Materials has announcedthat its 2019 AGM will be held on 10 May 2019.
2 April 2019Acacia Mining plcMining, Metals & ExtractionAcacia Mining has announced that its 2019 AGM will be held on 23 May 2019.
2 April 2019Direct Line Insurance Group plcFinancial ServicesDirect Line Insurance Group has announcedthat its 2019 AGM will be held on 9 May 2019.
2 April 2019Intu Properties plcInvestmentIntu Properties has announced that its 2019 AGM will be held on 3 May 2019.
2 April 2019M.P. Evans Group plcFood & BeveragesM.P. Evans Group has announced that its 2019 AGM will be held on 14 June 2019.
2 April 2019Reckitt Benckiser Group plcConsumer ProductsReckitt Benckiser Group has announced that its 2019 AGM will be held on 9 May 2019.
1 April 2019BBA Aviation plcTransportBBA Aviation has announced that its 2019 AGM will be held on 10 May 2019.
1 April 2019Petrofac LimitedOil & GasPetrofac has announced that its 2019 AGM will be held on 3 May 2019.
1 April 2019Savills plcPropertySavills has announced that its 2019 AGM will be held on 8 May 2019.
29 March 2019BP plcOil & GasBP plc has announced that its 2019 AGM will be held on 21 May 2019.
29 March 2019IMI plcEngineering & ManufacturingIMI plc has announced that its 2019 AGM will be held on 9 May 2019.

Capital reorganisations

Announcement dateCompanyIndustry sectorKey information
1 April 2019Micro Focus International plcComputing & ITMicro Focus International announced a share capital consolidation and an equivalent consolidation of the American Depositary Shares representing ordinary shares (ADS) in connection with its B share scheme. Shareholders will receive 0.8296 new ordinary shares for each existing ordinary share.The share capital consolidation is conditional upon admission and is expected to take effect at 8.00 a.m. 30 April 2019, in respect of the ordinary shares and 9.30 a.m. on 30 April 2019 in respect of the ADS.

IPOs

Announcement dateIssuerIndustry sectorKey information
2 April 2019Rustranscom plcTransportRustranscom announced a potential intention to float on the London Stock Exchange’s Main Market. Admission is expected to take place in May 2019.
1 April 2019Loungers plcTravel, Hospitality, Leisure & TourismLoungers announced an intention to float on AIM. Admission is expected to occur by the end of April 2019
1 April 2019Pure Gold plcMining, Metals & ExtractionPure Gold announced an intention to list on the Main Market. Admission is expected during Q2 2019.

LR/AIM Rules transactions

Announcement dateCompanyIndustry sectorKey information
4 April 2019Eco (Atlantic) Oil & Gas LimitedOil & GasEco (Atlantic) Oil & Gas announced a related party transaction under the AIM rules.

Reverse takeovers

Announcement dateCompanyIndustry sectorKey information
4 April 2019Stranger Holdings plc acquisition of HCS (North East) LimitedInvestmentStranger Holdings announced that it has signed a non-binding heads of terms to acquire the entire issued share capital of HCS (North East) for new shares in the company.  Stranger shareholders would have a minority interest in the enlarged group.
The possible acquisition if completed constitutes a reverse takeover under the listing rules.
The acquisition complements the potential acquisition of The Airedale House Group of Companies.
3 April 2019Stranger Holdings plc acquisition of The Airedale House Group of CompaniesInvestmentStranger Holdings announced that it has signed a non-binding heads of terms to acquire the entire issued share capital of The Airedale House Group of Companies for new shares in the company.  Stranger shareholders would have a minority interest in the enlarged group.
The possible acquisition if completed constitutes a reverse takeover under the listing rules.

Secondary offers

Announcement dateIssuerIndustry sectorKey information
4 April 2019Eco (Atlantic) Oil & Gas LimitedOil & GasEco (Atlantic) Oil & Gas announced that it has conditionally raised £12.9 million before expenses through an oversubscribed placing and subscription of 16,159,695 shares at a price of 80 pence per share. Admission to AIM is expected on 9 April 2019.
1 April 2019Independent Oil & Gas plcOil & GasIndependent Oil & Gas announced the placing of 165,795,050 new ordinary shares at a price of 10 pence per share to raise gross proceeds of approximately £16.6 million. The company announced the proposed issue of 2,750,000 new shares by way of a subscription to raise £0.275 million. The company intends to launch an open offer to shareholders to raise approximately £2 million through the issue of 20,000,000 new ordinary shares.

Takeovers

Announcement dateDealIndustry sectorKey information
3 April 2019Lighthouse Group plc offer by Quilter plcFinancial ServicesLighthouse Group has announced that it received a recommended cash offer for its entire issued and to be issued share capital from Quilter’s wholly owned subsidiary, Intrinsic Financial Services Limited. The offer is to be structured by way of a scheme of arrangement. The acquisition values the entire issued and to be issued ordinary share capital of Lighthouse at approximately £46.2 million.
2 April 2019Bonmarche Holdings plc offer by Spectre Holdings LimitedRetail & Wholesale TradeSpectre Holdings announced that it had acquired 26,213,390 Bonmarché Holdings shares from BM Holdings S.A.R.L, at a price of 11.445 pence per share. On completion of the acquisition of shares, Spectre will hold 52.4% of the existing issued share capital and voting rights of Bonmarché.Under Rule 9 of the Takeover Code, Spectre is required to make a mandatory cash offer for the Bonmarché shares not already held by Spectre at a price of 11.445 pence per Bonmarché shar

 

Relevant Articles
Area of Interest