Market Tracker weekly round-up—7 July 2017

Weekly round-up of the latest corporate announcements, including a takeover of Novae Group plc, an IPO by Sherborne Investors (Guernsey) C Limited, a demerger by BGEO Group plc, secondary offers by Ultra Electronics Holdings plc, Proactis Holdings plc, Future plc, returns of value by SSE plc, WH Smith plc and Kingfisher plc, LR/AIM Rules by Centaur Media plc, CityFibre Infrastructure Holdings plc, RM2 International S.A and an AGM notice from BHP Billiton plc.

New deals (and AGMs) announced:

AGMs

Announcement date Company Key information
4 July 2017 BHP Billiton plc BHP Billiton has announced its 2017 AGM will be held on 18 October 2017.

Demergers

Announcement date Company Key information
3 July 2017 BGEO Group plc BGEO Group announced its intention to demerge BGEO Group into a London-listed banking business (Bank of Georgia Group plc) and a London-listed investment business (BGEO Investments plc).
The board of BGEO Group believes a demerger of the businesses will deliver additional long-term value to shareholders by creating two distinct entities, each of which will have enhanced growth opportunities in the strongly growing Georgian economy.

IPOs

Announcement date Issuer Key information
5 July 2017 Sherborne Investors (Guernsey) C Limited Sherborne Investors (Guernsey) C announced that it has published a prospectus in relation to its initial public offering, comprising a placing of shares and the proposed admission of such shares to trading on the Specialist Fund Segment of the London Stock Exchange plc.
The company will issue up to 700 million shares via a placing and subscription at an issue price of 100 pence per share.
It is expected that admission of the shares will become effective and dealings in the Shares will commence at 8.00 am on or about 12 July 2017.

LR/AIM Rules transactions

Announcement date Company Key information
7 July 2017 Centaur Media plc Centaur Media has announced a class 1 transaction under the Listing Rules.
5 July 2017 CityFibre Infrastructure Holdings plc CityFibre Infrastructure has announced a related party transaction under the listing rules.
30 June 2017 RM2 International S.A RM2 has announced a related party transaction under the AIM Rules.

Secondary offers

Announcement date Issuer Key information
07 July 2017 Ultra Electronics Holdings plc Ultra Electronics Holdings hasannounced the placing of 7,047,168 new ordinary shares of 5 pence each in the capital of Ultra, at a price of 1,950 per placing share. This represents 9.9% of Ultra’s existing issued share capital.
The proceeds of the placing will be used to fund the proposed acquistion of Sparton Corporation.
07 July 2017 Proactis Holdings plc Proactis Holdings has announced the placing to raise £70.0 million at 165 pence per placing share, through finnCap acting as sole bookrunner.
The placing is intended to fund the proposed acquisition of Perfect Commerce, LLC.
07 July 2017 Future plc Future has announced an intention to conduct a non pre-emptive cash placing to raise gross proceeds of £22m, to part-fund the acquisition of Centaur Media. 8,800,000 new ordinary shares will be issued, at a price of 250 pence per share. The placing is being conducted through an accelerated bookbuild process, to raise gross proceeds of £22m.
05 July 2017 CityFibre Infrastructure Holdings plc CityFibre Infrastructure has announced its intention to raise minimum gross proceeds of £185 million at 55 pence per share, with an intention to raise further proceeds through an accelerated bookbuilding process. A total of 336,363,636 placing shares will be issued, representing approximately 126.6% of CityFibre’s existing issued ordinary share capital.
In addition, the company intends to raise further gross proceeds of up to £15 million through a non-underwritten offer for subscription.
The net proceeds of the placing and the offer for subscription will be used to fund the growth of the company's full fibre network in the UK.
04 July 2017 Premier Technical Services Group plc Premier Technical Services has announced the successful completion of their placing. A total of 12,500,000 new ordinary shares in the company of 1p each have been placed by Numis Securities at a price of 120p per placing share. The overall gross proceeds have raised £15.0 million. The placing shares issued represent 13.7% of the issued ordinary share capital of the Company.
The placing is being conducted through an accelerated bookbuild process.

Returns of value to shareholders

Announcement date Company Key information
5 July 2017 SSE plc SSE has announced a share buyback programme commencing on 6 July 2017. The aggregate purchase price of all shares acquired under the programme will be no greater than £70 million.The purpose of the programme is to reduce the share capital of SSE.
3 July 2017 WH Smith plc WH Smith has announced a share buyback programme under which a maximum of 11,293,415 of the company’s ordinary shares may be purchased (up to £25 million) during the open period arising between 3 July 2017 and 31 August 2017.The sole purpose of the share buyback is to reduce the company's share capital.
30 June 2017 Kingfisher plc Kingfisher has announced a share buyback programme commencing on 3 July 2017.The aggregate purchase price of all shares acquired under the programme will be no greater than £40,000,000. The purpose of the Programme is to reduce the share capital of Kingfisher.
These arrangements form part of Kingfisher's capital return programme announced on 25 January 2016.

Takeovers

Announcement date Deal Key information
5 July 2017 Novae Group plc- offer by Axis Capital Group Holdings plc Novae Group has announced a recommended all cash offer by Axis for a consideration value of £467.6 million. The acquisition will be implemented by way of a Court­sanctioned scheme of arrangement.

The weekly round-up covers all deals announced from 2pm on the Monday of the previous week until 2pm on the Monday of the current week. Any deals announced after this time will be included in the following day's round-up.

Relevant Articles
Area of Interest