Market Tracker weekly round-up—8 June 2018

Weekly round-up of the latest corporate announcements, including a recommended cash and share offer by Pareteum Corporation for Artilium plc, a possible all cash offer by Stafford Capital Partners Limited for Phaunos Timber Fund Limited, IPOs by Amigo Holdings Limited, NeuroproteXeon Limited, Tekmar Group plc, Knights Group Holdings plc, Yellow Cake plc, i-nexus Global plc and Anexo Group plc, secondary offers by Benchmark Holdings plc and DS Smith plc, joint ventures by Kibo Mining plc and Termoeléctrica de Benga S.A. and Kier Group plc with Homes England and CKH Developments Limited, reorganisations by Strat Aero plc and by LB-shell plc, Class 1 transactions by Cathay International Holdings Limited and DS Smith plc, a related party transaction by JZ Capital Partners Limited, delistings by ACHP plc and Monreal plc and 7 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. The Market Tracker monthly round-up—May 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
8 June 2018 Stobart Group Limited Transport Stobart announced that its 2018 AGM will be held on 6 July 2018.
7 June 2018 Assura plc Investment, Property Assura announced that its 2018 AGM will be held on 10 July 2018.
7 June 2018 Marks & Spencer Group plc Food & beverages Marks & Spencer announced that its 2018 AGM will be held on 10 July 2018
6 June 2018 NewRiver Reit plc Investment
Property
NewRiver has announced that its 2018 AGM will be held on 4 July 2018.
6 June 2018 Sophos Group plc Computing & IT Sophos has announced that its 2018 AGM will be held on 30 August 2018.
6 June 2018 First Derivatives plc Investment First Derivatives has announced that its 2018 AGM will be held on 27 June 2018.
5 June 2018 GB Group plc Professional services GB Group has announced that its 2018 AGM will be held on 26 July 2018.

Delistings

Announcement date Delisting company Industry sector Key information
4 June 2018 Monreal plc Energy & utilities Monreal has announced that the board believes that it is in shareholders' best interests to broaden the potential range of investments and opportunities that the Company could consider under the proposed investment strategy, and alleviate the impending AIM Rule 15 deadline (which would otherwise result in a reverse transaction not yet identified or a de-listing of the Company's shares).
The board has concluded that it would be in the best interests of the Company and shareholders as a whole if the admission of the Company's ordinary shares to trading on AIM were to be cancelled and the Company's ordinary shares admitted to NEX as an Investment Vehicle with the new investment strategy.
A further announcement will be made shortly.
1 June 2018 ACHP plc Financial services ACHP has announced The directors believe that the benefits to the Company of being listed are now minimal or non-existent and that the listing no longer promotes the success of the Company for the benefit of its members as a whole.
Reasons include: insufficient market cap, nil liquidity provided to shareholders and excessive costs.
The directors are therefore recommending that the company's AIM listing be cancelled.
A resolution to this effect will be proposed at the Annual General Meeting being convened for 26 June 2018.

IPOs

Announcement date Issuer Industry sector Key information
8 June 2018 Cake Box Holdings Limited Cake Box Holdings has announced its intention to list on AIM. Admission is expected in July 2018.
7 June 2018 Amigo Holdings Limited Investment Amigo Holdings has announced its intention to list on AIM. Admission is expected in July 2018.
7 June 2018 NeuroproteXeon Limited Pharmaceuticals & Biotechnology NPXe has announced its intention to list on AIM. Admission is expected during the second half of 2018.
5 June 2018 Yellow Cake plc Oil & gas Yellow Cake announced its intention to float on AIM. Admission is expected in July 2018.
5 June 2018 i-nexus Global plc Computing & IT i-nexus announced its intention to float on AIM. Admission is expected on 19 June 2018.
5 June 2018 Anexo Group plc Marketing & advertising Anexo Group announced its intention to float on AIM. Admission is expected on 19 June 2018.
4 June 2018 Tekmar Group plc Electronics Tekmar Group announced its intention to float on AIM.
4 June 2018 Knights Group Holdings plc Professional services Knights Group announced its intention to float on AIM.

Joint ventures

Announcement date Deal Industry sector Key information
8 June 2018 Benchmark Holdings plc and Empresas AquaChile S.A. Pharmaceuticals & Biotechnology Benchamrk announced it has entered into an agreement to fund a Chilean breeding and genetics joint venture with Empresas AquaChile S.A. Benchmark will acquire a 49% interest in the joint venture for a total consideration of $16.25 million.
The joint venture is being funded by a placing of 34,545,455 new ordinary shares a price of 55 pence per share to raise £19 million before expenses.
The joint venture is conditional on obtaining Bank Approval and on Admission. The placing is conditional on Admission becoming effective and the Placing Agreement not being terminated in accordance with its terms. Bank Approval is expected to be given no later than 15 June 2018.
6 June 2018 Kibo Mining plc and Termoeléctrica de Benga S.A. Mining, metals & extraction Kibo Mining announced that it has signed a Joint Venture Agreement (the Benga Power Joint Venture) with Mozambique energy company Termoeléctrica de Benga S.A. The assets and the subjects of the joint venture will be transferred unencumbered and unfunded into Newco, a sole purpose vehicle, in which Kibo and Termoeléctrica shall hold initial interests of 65% and 35% respectively.
6 June 2018 Kier Group plc with Homes England and CKH Developments Limited Construction Kier announced it established a joint venture with Homes England ( and CKH Developments Limited to develop c.5,400 homes across the country over the next ten years.The economic ownership of the joint venture is Kier - 69%, Homes England - 26% and Cross Keys Homes - 5%, with Kier holding 50% of the voting rights.

LR/AIM Rules transactions

Announcement date Company Industry sector Key information
6 June 2018 Cathay International Holdings Limited Pharmaceuticals & Biotechnology Cathay International Holdings has announceda Class 1 transaction under the Listing Rules.
6 June 2018 JZ Capital Partners Limited Investment JZ Capital Partners has announced a Related party transaction under the Listing Rules.

Reorganisations

Announcement date Company Industry sector Key information
7 June 2018 Strat Aero plc Professional services Strat Aero plc has announced a proposed share consolidation to consolidate every 20 existing ordinary shares of 0.01p into one new ordinary share with a nominal value of 0.2p each.
Shareholder approval of the share consolidation will be sought at the company’s AGM on 29 June 2018.
5 June 2018 LB-shell plc Energy & utilities LB-shell has announced a proposed sub-division of its existing ordinary share capital. Each existing ordinary share will be divided into one new ordinary share of £0.0001 each and one deferred share of £.0499 each.
Shareholder approval is sought at the company’s general meeting on 19 June 2018.

Secondary offers

Announcement date Issuer Industry sector Key information
8 June 2018 Benchmark Holdings plc Pharmaceuticals & Biotechnology Benchmark Holdings announced a placing to raise £19million in gross proceeds. The placing is intended to fund Benchmark Holdings’ joint venture with Empresas AquaChile S.A. and aims to raise 34,545,455 new ordinary shares at a price of 55 pence per share.
4 June 2018 DS Smith plc Environmental services & waste management DS Smith announced a rights issue, to raise gross proceeds of £1,000 million. The rights issue is fully underwritten. The proceeds from the rights issue will be used to part fund the acquisition of Papeles y Cartones de Europa, S.A.

Takeovers

Announcement date Deal Industry sector Key information
7 June 2018 Artilium plc offer by Pareteum Corporation Investment Artilium announced a recommended cash and share offer by Pareteum. The offer value is £78 million. The consideration value is 0.1016 New Pareteum shares and 1.9 pence in cash per Artilium share.Pareteum currently holds approximately 7.80% of the issued share capital of Artilium.  Artilium currently holds 5.85% of Pareteum's issued and outstanding share capital, which will be cancelled on completion of the acquisition.
5 June 2018 Phaunos Timber Fund Limited possible offer by Stafford Capital Partners Limited Investment Stafford announced through its subsidiary Stafford International Timberland VIII Fund, a possible all-cash offer for the entire issued and to be issued share capital of Phaunos Timber.The possible cash offer values Phaunos Timber’s entire issued and to be issued share capital at approximately US$244.2 million (£182.41 million). The consideration value is US$0.49 (£0.37) per Phaunos Timber share.
If a firm offer was announced the transaction will be structured by way of a takeover offer.
Filed Under: Round-ups

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