Market Tracker weekly round-up—7 September 2018

Weekly round-up of the latest corporate announcements, including a possible offer by CatchMark Timber Trust, Inc for Phaunos Timber Fund Limited, a secondary offer by EnQuest plc, IPOs by Green Man Gaming Limited, Smithson Investment Trust plc, Funding Circle Holdings Limited and AVI Japan Opportunity Trust plc, returns of value by Bovis Homes Group plc and Barratt Developments plc, a joint venture between Dukemount Capital plc and Rascasse Developments Ltd, reorganisations by IXICO plc, Legendary Investments plc, and Castleton Technology plc and 4 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.

The information contained in the weekly round up is republished in the monthly round up at the end of the month. All announcement data is republished in the monthly round up at the end of the month. The Market Tracker monthly round up—August 2018 is currently available. To access previous monthly round ups please visit the Monthly deal round-ups archive.

All transactions covered in this update are available on the Market Tracker deal analysis tool containing over 3000 public company deal summaries.

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

New deals announced:

AGMs

Announcement date Company Industry sector Key information
6 September 2018 Redde plc Financial services Redde has announced that its 2018 AGM will be held on 24 October 2018.
5 September 2018 Barratt Developments plc Construction Barratt has announced that its 2018 AGM will be held on 17 October 2018.
5 September Dechra Pharmaceuticals Plc Pharmaceuticals & biotechnology Dechra Pharmaceuticals has announced that its 2018 AGM will be held on 19 October 2018.
4 September 2018 Redrow plc Construction Redrow announced that its 2018 AGM will be held on 7 November 2018.

IPOs

Announcement date Issuer Industry sector Key information
6 September 2018 AVI Japan Opportunity Trust plc Investment Asset Value Investors Trust announcedits intention to launch AVI Japan Opportunity Trust a new Japanese equity investment trust to be listed on the London Stock Exchange's main market.AVI Japan Opportunity will seek to raise £100 million to £200 million from investors in its initial public offering.
3 September 2018 Funding Circle Holdings Limited Financial services Funding Circle announced that it intends to publish today a registration document and is considering proceeding with an initial public offering. Funding Circle is considering applying for admission of its ordinary shares to trading on the London Stock Exchange's main market.
4 September 2018 Green Man Gaming Limited Media & technology Green Man Gaming announced its intention to seek admission of its ordinary shares in a proposed new holding company to trading on AIM. It is currently expected to occur in late September 2018.
4 September 2018 Smithson Investment Trust plc Investment Smithson announced its intention to launch an initial public offering. Smithson is seeking to raise up to £250 million via a placing, an offer for subscription and an intermediaries offer of ordinary shares.A twelve month placing programme will also be launched.

Joint ventures

Announcement date Deal Industry sector Key information
3 September 2018 Dukemount Capital plc and Rascasse Developments Ltd Investment Dukemount Capital announced that it has entered into a 50/50 joint venture with Rascasse Developments Ltd to create DKE (Midlands)Ltd.

Reorganisations

Announcement date Company Industry sector Key information
7 September 2018 Castleton Technology plc Computing & IT Castleton Technology announced a proposed reduction of capital whereby the company’s share premium account will be cancelled. The company has an accumulated deficit on its profit and loss account, and therefore cannot make any distributions to shareholders due to a lack of distributable profits.
The reduction of capital is conditional upon approval by the company’s shareholders and the Court.
3 September 2018 IXICO plc Pharmaceuticals & biotechnology IXICO has announced a proposed capital reorganisation by way of consolidation and sub-division to streamline the company’s shareholder register. Shareholder approval will be sought at the company’s general meeting on 21 September 2018.
3 September 2018 Legendary Investments plc Financial services Legendary Investments has announced a proposed capital reorganisation by way of consolidation and sub-division to increase the marketability of the company’s shares and streamline the company’s shareholder register.Shareholder approval will be sought at the company’s annual general meeting on 26 September 2018.

Returns of value to shareholders

Announcement date Company Industry sector Key information
6 September 2018 Bovis Homes Group plc Construction Bovis has announced a special dividend of £60 million, equivalent to 45 pence per share. This is in addition to an interim dividend of 19 pence per share, and will be paid on 23 November 2018.
5 September 2018 Barratt Developments plc Construction Barratt announced a special dividend of £175.0 million, equivalent to 17.3 pence per share. The special dividend will be paid alongside the final dividend on 6 November 2018, subject to shareholder approval.

Secondary offers

Announcement date Issuer Industry sector Key information
7 September 2018 EnQuest plc Oil & gas EnQuest announced a rights issue to raise approximately £107 million to fund the drilling of two infill development wells in the Magnus field.

Takeovers

Announcement date Deal Industry sector Key information
6 September 2018 Phaunos Timber Fund Limited possible offer by CatchMark Timber Trust, Inc. Investment CatchMark announced a possible competing offer to Stafford Capital Partner’s offer for the entire issued and to be issued share capital of Phaunos. CatchMark’s possible offer represents a premium of 16% of Stafford’s offer.The PUSU deadline is 22 September 2018.
Filed Under: Round-ups

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