Market Tracker weekly round-up—7 June 2019

Market Tracker weekly round-up—7 June 2019

Weekly round-up of the latest corporate announcements, including a recommended final pre-conditional cash offer for Millennium & Copthorne Hotels plc by City Developments Limited, a mandatory offer for GAME Digital plc by Sports Direct International plc, a recommended cash offer for KCOM Group plc by Macquarie Infrastructure and Real Assets (Europe) Limited, potential IPOs by ReAssure Group plc and Huatai Securities Co., reorganisations by Reach4Entertainment Enterprises, Tower Resources plc and SDX Energy plc, secondary offers and a related party transactions by Salt Lake Potash Limited and Cluff Natural Resources plc, joint ventures between Sealand Capital Galaxy Limited and Guangdong HuaCheng Technology Limited and Plexus Holdings plc and BEL Valves Limited, and 9 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 5,000 public company deal summaries.

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

New deals (and AGMs) announced:

AGMs

Announcement dateCompanyIndustry sectorKey information
6 June 2019Auto Trader Group plcMedia & TelecommunicationsAuto Trader Group has announced that its 2019 AGM will be held on 19 September 2019.
5 June 2019GB Group plcComputing & ITGB Group has announced that its 2019 AGM will be held on 25 July 2019.
4 June 2019Draper Esprit Energy plcFinancial ServicesDraper Esprit has announced that its 2019 AGM will be held on 24 July 2019.
4 June 2019First Derivatives plcComputing & ITFirst Derivatives has announced that its 2019 AGM will be held on 27 June 2019.
4 June 2019J Sainsbury plcRetail & Wholesale TradeJ Sainsbury has announced that its 2019 AGM will be held on 4 July 2019.
4 June 2019National Grid plcEnergy & UtilitiesNational Grid has announced that its 2019 AGM will be held on 29 July 2019.
3 June 2019Serica Energy plcOil & GasSerica Energy has announced that its 2019 AGM will be held on 27 June 2019.
31 May 2019Great Portland Estates plcInvestmentGreat Portland Estates has announced that its 2019 AGM will be held on 4 July 2019.
31 May 2019Vodafone Group plcMedia & TelecommunicationsVodafone Group has announced that its 2019 AGM will be held on 23 July 2019.

Capital reorganisations

Announcement dateCompanyIndustry sectorKey information
5 June 2019SDX Energy plcOil & GasSDX Energy has announced a reduction of share capital of the company pursuant to section 648 of the Companies Act 2006 by cancelling the paid up capital of the company to the extent of 19 pence on each ordinary share of £0.20 in the issued share capital of the company.
5 June 2019Tower Resources plcOil & GasTower Resources has announced a proposed share capital reorganisation via the subdivision and re-designation of the existing share capital of the company and an amendment to the company's articles of association, in order to achieve a reduction in the par value of each existing ordinary share from £0.01 to £0.00001 per share. 
3 June 2019Reach4Entertainment Enterprises plcMedia & TelecommunicationsReach4Entertainment Enterprises has announced its proposal for a capital reduction which requires shareholder approval and will be put forward as a special resolution at the upcoming AGM.
The company currently has negative distributable reserves and is, therefore, prohibited under the Companies Act from making distributions to its shareholders, including the payment of dividends.  In light of the group's prospects and current strong financial position, the directors believe it is now an appropriate time to undertake the capital reduction and create distributable reserves which would enable the payment of dividends in the future, subject to the continuing satisfactory financial performance of the group.

IPOs

Announcement dateIssuerIndustry sectorKey information
7 June 2019ReAssure Group plcFinancial ServicesReAssure Group announced its intention to publish a registration document and its potential intention to float on the premium segment of the Official List of the London Stock Exchange and to trading on the main market.
4 June 2019Huatai Securities Co., LtdFinancial ServicesHuatai Securities announced its intention to list up to 82,515,000 global depositary receipts (GDR) on the standard segment of the Official List of the London Stock Exchange and to trading on the Shanghai-London Stock Connect segment of the main market for listed securities of London Stock Exchange plc. Each GDR represents ten A shares of the company with a fully paid nominal value of 0.11 pence (RMB1.00). The offering therefore represents up to 10% of the total ordinary share capital of the company prior to the offering.
The company expects to receive total proceeds from the offering of not less than £393.67 million (US$500 million). No securities are expected to be sold by existing shareholders of the company as part of the offering.

Joint ventures

Announcement dateDealIndustry sectorKey information
4 June 2019Sealand Capital Galaxy Limited and Guangdong HuaCheng Technology LimitedComputing & ITSealand Capital Galaxy Limited has announced that it has signed a memorandum of understanding with Guangdong HuaCheng Technology Limited, the national agent of Tencent Regional Marketing Pioneer to form a new equity joint venture company that will obtain and own a license to operate Tencent RMP Car's activities across China. Sealand will own 55% of the JV.
3 June 2019Plexus Holdings plc and BEL Valves LimitedOil & GasPlexus Holdings has announced a joint venture with BEL Valves Limited to supply xmas trees as part of a 'package solution.’
BEL Valves will supply the high integrity valves required in surface xmas trees and wellheads. Plexus will be the majority shareholder of the joint venture and will control the IP, design and manufacture of PPC's production xmas trees and wellhead annulus valve products.

LR/AIM Rules transactions

Announcement dateCompanyIndustry sectorKey information
6 June 2019Salt Lake Potash LimitedEnergy & UtilitiesSalt Lake Potash announced a related party transaction under the AIM Rules.
5 June 2019Cluff Natural Resources plcFinancial ServicesCluff Natural Resources announced a related party transaction under the AIM Rules.

Secondary offers

Announcement dateIssuerIndustry sectorKey information
6 June 2019Salt Lake Potash LimitedEnergy & UtilitiesSalt Lake Potash announced that it has received binding commitments from investors for 37.5 million Salt Lake Potash ordinary shares of no par value at 29.8 pence (A$0.54) each to raise a total of £10.95 million (A$20.25 million) before costs.The placement was led by a consortium of cornerstone investors, including the founders of LionOre Mining International as well as the key investors in Mantra Resources at its inception, who will collectively subscribe for 26.4 million shares to raise £7.71 million (A$14.25 million).
5 June 2019Cluff Natural Resources plcFinancial ServicesCluff Natural Resources announced a placing and subscription of new ordinary shares to raise minimum gross proceeds of approximately £15 million at a price of 1.75 pence per new ordinary share.The placing was conducted through an accelerated bookbuilding process and was closed on 6 June 2019.

Takeovers

Announcement dateDealIndustry sectorKey information
7 June 2019Millennium & Copthorne Hotels plc offer by City Developments LimitedTravel, hospitality, leisure & tourismCity Developments announced a recommended final pre-conditional cash offer pursuant to which Agapier Investments Limited, a wholly owned subsidiary of City Developments, will acquire the entire issued and to be issued share capital of Millennium & Copthorne Hotels not already held by City Developments and its subsidiaries which is final and will not be increased.The final offer values the entire issued and to be issued share capital of Millennium & Copthorne Hotels at approximately £2.227 million.
5 June 2019GAME Digital plc offer by Sports Direct International plcComputing & ITSports Direct International announced that it had made a mandatory cash offer for the entire issued and to be issued share capital of GAME Digital. The mandatory offer under Rule 9 of the Takeover Code was triggered after Sports Direct International unconditionally agreed to acquire 38.49% of the existing issued share capital of GAME Digital held by Marlborough UK Micro-Cap Growth Fund. 
The mandatory offer requires Sports Direct International to acquire the remaining GAME Digital shares not already held by Sports Direct International, at a price of 30 pence per GAME Digital share.
3 June 2019KCOM Group plc offer by Macquarie Infrastructure and Real Assets (Europe) LimitedMedia & TelecommunicationsMacquarie Infrastructure and Real Assets (Europe) Limited (MIRAEL) announced a recommended cash offer to be made by MEIF 6 Fibre Limited, a wholly-owned an indirect subsidiary of Macquarie European Infrastructure Fund 6 SCSp (an investment fund managed by MIRAEL), for the entire issued and to be issued ordinary share capital of KCOM Group. 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 KCOM at approximately £532 million. 
The firm offer is an actual competing offer to Universities Suprannuation Scheme’s offer for KCOM Group made on 24 April 2019.

 

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