Market Tracker weekly round-up—8 December 2017

Market Tracker weekly round-up—8 December 2017
Weekly round-up of the latest corporate announcements, including a takeover by Hammerson plc, a possible offer by GVC Holdings plc, an IPO by Mirriad Advertising plc, a reverse takeover and placing by Savannah Petroleum plc, a placing, open offer and Class 1 transaction by Xafinity plc, placings and related party transactions by Duke Royalty Limited, Seeing Machines Limited and Atalaya Mining plc, a placing by WANdisco plc, a joint venture between U and I Group plc and a consortium managed by McArthurGlen, a return of value to shareholders from Victrex plc and AGM notices from Victrex plc, Shaftesbury plc and easyJet plc.

The weekly round-up covers all deals announced from the Monday of the previous week 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. To access previous announcements please visit the Market Tracker section of the Corporate homepage.

Market Tracker—Statement of scope

Market Tracker deal analysis tool

New deals (and AGMs) announced:

AGMs

Announcement date Company Industry sector Key information
6 December 2017 Shaftesbury plc Property
Investment		 Shaftesbury plc has announced that its 2018 AGM will be held on 9 February 2018.
5 December 2017 easyJet plc Travel, hospitality, leisure & tourism easyJet plc has announced that its 2018 AGM will be held on 8 February 2018.
5 December 2017 Victrex plc Chemicals Victrex plc has announced that its 2018 AGM will be held on 9 February 2018.

IPOs

Announcement date Issuer Industry sector Key information
8 December 2017 Mirriad Advertising plc Media & telecommunications Mirriad Advertising has announced that is has published an admission document in relation to the company’s admission to trading on AIM.
The IPO will be conducted by way of a conditional placing of 42,258,065 ordinary shares of £0.00001 each at 62 pence per ordinary share.
The placing will raise gross proceeds of approximately £26.2 million, of which approximately £25.4 million is for the benefit of the company and approximately £0.8million is for the benefit of selling shareholders.
It is expected that admission will become effective and that dealings will commence in the ordinary shares on AIM at 8.00 a.m. on 19 December 2017.

Joint ventures

Announcement date Deal Industry sector Key information
6 December 2017 U and I Group plc and a consortium managed by McArthurGlen Property
Investment		 U and I Group has announced that it has entered into a joint venture agreement with a consortium managed by McArthurGlen to deliver a new designer outlet in Cannock, near Birmingham, over which the Company's wholly owned subsidiary, Development Securities (Cannock) Limited currently has an option to acquire.
A joint venture has been established between U+I, and a consortium comprising McArthurGlen, Aviva Investors on behalf of Aviva Life and Pensions and The Richardson Family for a £160 million project that will see the site developed into a 26,500 sq m designer outlet scheme.
U+I has retained a 12.5% interest in the joint venture and the consortium has acquired the remaining 87.5% interest.

LR/AIM Rules transactions

Announcement date Company Industry sector Key information
7 December 2017 Xafinity plc Financial services Xafinity plc has announced a firm placing and placing and open offer to raise gross proceeds approximately £70 million.
6 December 2017 Duke Royalty Limited Financial services Duke Royalty has announced a related party transaction under the AIM rules.
6 December 2017 Seeing Machines Limited Computing & IT Seeing Machines has announced a related party transaction under the AIM rules.
4 December 2017 Atalaya Mining plc Mining, metals & extraction Atalaya Mining plc has announced a related party transaction under the AIM rules.

Reorganisations

Announcement date Company Industry sector Key information
4 December 2017 Uranium Resources plc Mining, metals & extraction Uranium Resources plc has announced a share capital reorganisation so that it can raise further equity capital via its announced placing. The share capital reorganisation will be achieved through the subdivision of each existing ordinary share of 0.1p into one ordinary share of 0.01p and one deferred share of 0.09p.
Following the subdivision, the ordinary shares of 0.01p will be consolidated on a 15 for 1 basis to create new ordinary shares. Therefore, following the disposal and share capital reorganisation, there will be 59,788,833 new ordinary shares in issue of 0.15p each.

Returns of value to shareholders

Announcement date Company Industry sector Key information
5 December 2017 Victrex plc Chemicals Victrex has announced that a special dividend of 68 pence per ordinary share has been recommended by the directors for approval at the Company’s AGM in February 2018. The special dividend of 68 pence per ordinary share equates to a payout of approximately £58m.The special dividend will be paid on 16 February 2018 to all shareholders on the register on 2 February 2018. The AGM of the company will be held at 10am on 9 February 2018.

Reverse takeovers

Announcement date Company Industry sector Key information
4 December 2017 Savannah Petroleum plc Oil & gas Savannah Petroleum has announced an update to the proposed acquisition of certain of the Nigerian oil and gas assets of Seven Energy International Limited. The transaction constitutes a reverse takeover under the AIM Rules, and will require approval by shareholders at a general meeting of the Company.

Secondary offers

Announcement date Issuer Industry sector Key information
7 December 2017 Xafinity plc Financial services Xafinity plc has announced a Class 1 transaction under the Listing Rules.
4 December 2017 Savannah Petroleum plc Oil & gas Savannah Petroleum has announced its intention to raise up to US$250m through an issue of new ordinary shares of £0.001 each by way of a placing with institutional investors to fund, inter alia,the proposed acquisition of certain of the Nigerian oil and gas assets of Seven Energy International Limited and expansion of the Company's planned drilling campaign in Niger.
4 December 2017 Duke Royalty Limited Financial services Duke Royalty Limited has announced a proposed conditional placing and subscription to raise at least £20 million by way of a placing of new shares at a price of 40 pence per share and a subscription by certain overseas investors on the same terms. The net proceeds of the fundraising will allow the company, inter alia, to continue to finance its diversified pipeline of royalty financing opportunities.
4 December 2017 Seeing Machines Limited Computing & IT Seeing Machines has announced its intention to conduct an accelerated bookbuild to raise gross proceeds of approximately £30 million by way of a conditional placing and subscription of 600,000,000 new ordinary shares of no par value in the company at a price of 5 pence each.
The placing will represent approximately 40.2% of the company's current issued ordinary share capital.
4 December 2017 WANdisco plc Computing & IT WANdisco has announced a placing of 2,971,069 new ordinary shares of 10 pence each in the Company at a price of 550 pence per share, raising gross proceeds of approximately $22 million.
4 December 2017 Atalaya Mining plc Mining, metals & extraction Atalaya Mining has announced its intention to raise equity funding of up to approximately £39 million through the issue of up to 23,335,910 new ordinary shares at a price of 167 pence per share.

Takeovers

Announcement date Deal Industry sector Key information
7 December 2017 Ladbrokes Coral Group plc possible offer by GVC Holdings plc Travel, hospitality, leisure & tourism GVC Holdings announced a possible combination of its business with the Ladbrokes Coral Group plc. It is expected that the possible offer would be structured as a scheme of arrangement pursuant to which GVC would acquire the entire issued and to be issued ordinary share capital of Ladbrokes Coral.
Under the terms of the possible offer, Ladbrokes Coral shareholders would be entitled to 32.7p in cash and 0.141 ordinary GVC shares for each Ladbrokes Coral share, and a potential further value of up to 42.8p structured as a contingent value right.
6 December 2017 Intu Properties offer by Hammerson plc Investment Hammerson announced a recommended all-share offer by Hammerson to acquire the entire issued and to be issued share capital of Intu Properties.Under the terms of the Acquisition, Intu Shareholders will receive  0.475 new Hammerson shares.
The Acquisition will result in Hammerson Shareholders owning approximately 55 per cent. of the issued share capital of the Enlarged Group and Intu Shareholders owning approximately 45 per cent. of the issued share capital of the Enlarged Group

Related Articles:
Corporate Law image
Market Tracker weekly deal round-up—29 July 2021
Corporate Law |
2 min read
Corporate Law image
Market Tracker weekly deal round-up—15 July 2021
Corporate Law |
2 min read
Corporate Law image
Market Tracker weekly deal round-up—8 July 2021
Corporate Law |
3 min read
Corporate Law image
Market Tracker weekly deal round-up—1 July 2021
Corporate Law |
2 min read
Latest Articles:
21009914_m
Market Tracker weekly deal round-up—29 July 2021
Corporate Law |
2 min read
Spotlight on SPACs
Corporate Law |
4 min read
Singapore’s GIC joins expected takeover battle for Morrisons and Silchester voices opposition
Corporate Law |
3 min read
Market Tracker Trend Report: Trends in UK public M&A in H1 2021
Corporate Law |
5 min read
About the author: