Market Tracker weekly round-up—7 December 2018

Market Tracker weekly round-up—7 December 2018

Weekly round-up of the latest corporate announcements, including an IPO by Litigation Capital Management Ltd, secondary offers by Inspired Energy plc, Genus plc, Kier Group plc and S4 Capital plc, a capital reorganisation by The People's Operator plc, returns of value by RELX plc, Summit Germany Limited and Ferrexpo plc, delistings of MySQUAR Limited and Regional REIT ZDP plc, a related party transaction under the AIM rules by Infrastructure India plc, and AGM notices from WH Smith plc and Numis Corporation 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.

All transactions covered in this update are available on the Market Tracker deal analysis tool containing over 4,000 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 December 2018Numis Corporation plcFinancial ServicesNumis Corporation has announced that its 2019 AGM will be held on 5 February 2019.
3 December 2018WH Smith plcRetail & Wholesale TradeWH Smith has announced that its 2019 AGM will be held on 23 January 2019.

Capital reorganisations

Announcement dateCompanyIndustry sectorKey information
4 December 2018The People's Operator plcMedia & TelecommunicationsThe People’s Operator has announced a proposed consolidation, sub-division and re-designation of the company’s existing ordinary shares. Every existing 2000 ordinary shares of £0.0001 each will be consolidated into one ordinary share of £0.20 each. Each ordinary share of £0.20 will then be sub-divided into one new ordinary share and 1,900 deferred shares of £0.0001 each. The company’s shares are currently trading below the nominal value of the ordinary shares issued, restricting the company’s ability to raise further funds. The share reorganisation is proposed alongside a secondary offering, and is conditional upon shareholder approval at the company’s forthcoming general meeting on 20 December 2018.

Delistings

Announcement dateDelisting companyIndustry sectorKey information
7 December 2018MySQUAR LimitedComputing & ITMySQUAR has announced that the company’s shares will cease to be traded on AIM with effect from 7.00 a.m. on 10 December 2018. The company has shut down a number of its operations, and has been unable to appoint a new nominated adviser so must delist as per AIM Rule 1.
7 December 2018Regional REIT ZDP plcInvestmentRegional REIT ZDP has announced that a circular relating to a recommended members’ voluntary winding-up has been posted to shareholders. As per the company’s articles, and subject to shareholder approval, the company will be placed into voluntary liquidation on 9 January 2019. The capital entitlement of the company’s zero dividend preference shares of £1.00 each will be 132.9 pence per share.

IPOs

Announcement dateIssuerIndustry sectorKey information
4 December 2018Litigation Capital Management LtdProfessional ServicesLitigation Capital Management announced a schedule one announcement in relation to the company’s upcoming IPO. More information is expected in due course.

LR/AIM Rules transactions

Announcement dateCompanyIndustry sectorKey information
7 December 2018Infrastructure India plcInvestmentInfrastructure India announced a related party transaction under the AIM rules.

Returns of value to shareholders

Announcement dateCompanyIndustry sectorKey information
7 December 2018RELX plcMedia & TelecommunicationsRELX has announced a non-discretionary share buyback programme to repurchase up to £100 million of the company’s ordinary shares. The purpose of the programme is to reduce the share capital of the company. The repurchased shares will be held in treasury. RELX also announced that it has completed its £700 million share buyback programme in 2018. 
Any share purchases will be made by the company in accordance with the general authority granted by shareholders at the company’s AGM.
6 December 2018Ferrexpo plcMining, Metals & ExtractionFerrexpo has announced a special interim dividend of $40 million (approximately £31.3 million), equivalent to 6.6 US cents per share (approximately 5.2 pence per share). The dividend will be paid on 14 January 2019.
3 December 2018Summit Germany LimitedPropertySummit Germany has announced an intention to return up to approximately £8.47 million to shareholders through repurchasing up to 8,119,658 ordinary shares. The purchase price will be €1.17 (approximately £1.04) per share. The buyback will close at 12.00 pm on 7 December 2018.

Secondary offers

Announcement dateIssuerIndustry sectorKey information
7 December 2018Inspired Energy plcProfessional ServicesInspired Energy announced that it proposes to raise up to £19 million by way of a conditional placing of 115,151,516 new ordinary shares at 16.5 pence per ordinary share. The company intends to use the net proceeds of the placing to finance the acquisition of Inprova Finance Limited from Inprova Group Limited.
6 December 2018Genus plcPharmaceuticals & BiotechnologyGenus announced its intention to raise approximately £68 million, before expenses, by way of a conditional placing. The placing will comprise a placing of 3,097,200 new ordinary shares in the company at 2,200 pence per share.
4 December 2018S4 Capital plcMedia & TelecommunicationsS4 Capital announced a firm placing, placing and open offer to raise gross proceeds of £74 million in gross proceeds, through the issue of 67,272,727 new ordinary shares. The issue price is 110 pence per share, which represents a discount of 4% to the closing price of 114.5 pence per share. The proceeds of the issue will be used to fund the company’s merger with Mightyhive, Inc. The issue requires shareholder approval at a general meeting to be held on 20 December 2018.
3 December 2018Kier Group plcConstructionKier Group announced a fully underwritten rights issue to raise approximately £264 million, along with the publication of a prospectus relating to the issue.

 

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