Market Tracker weekly round-up—8 March 2018

Weekly round-up of the latest corporate announcements, including a recommended superior cash offer for RPC Group plc by Berry Global Group, LLC, a possible offer for Independent Oil and Gas plc by RockRose Energy plc and a mandatory offer for Findel plc by Sports Direct International plc, a possible IPO by Diaceutics plc, secondary offers by Victoria Oil & Gas plc and Greencoat Renewables plc, a reverse takeover by Cobra Resources plc, a joint venture between St James House plc and ZeU Crypto Networks Limited, a delisting by LXB Retail Properties plc, returns of value by Bodycote plc, Admiral Group plc, Pearson plc and Direct Line Insurance Group plc, a capital reorganisation by Redrow plc and 22 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 4,700 public company deal summaries.

The Market Tracker weekly bulletin looks in more detail at the latest transaction developments, mini trends and analysis of corporate deal documents. For trend reports and other analysis see our Trend Reports subtopic.

New deals (and AGMs) announced:

AGMs

Announcement dateCompanyIndustry sectorKey information
8 March 2019Bodycote plcEngineering & ManufacturingBodycote has announced that its 2019 AGM will be held on 24 May 2019.
8 March 2019SIG plcProfessional ServicesSIG has announced that its 2019 AGM will be held on 8 May 2019.
7 March 2019Cobham plcAerospace & DefenceCobham has announced that its 2019 AGM will be held 25 April 2019.
7 March 2019Greggs plcFood & BeveragesGreggs has announced that its 2019 AGM will be held 21 May 2019.
7 March 2019Informa plcMedia & TelecommunicationsInforma has announced that its 2019 AGM will be held 24 May 2019.
7 March 2019Premier Oil plcOil & GasPremier Oil has announced that its 2019 AGM will be held 16 May 2019.
7 March 2019Schroders plcFinancial ServicesSchroders has announced that its 2019 AGM will be held 2 May 2019.
7 March 2019Spirax-Sarco Engineering plcEngineering & ManufacturingSpirax-Sarco Engineering has announced that its 2019 AGM will be held on 15 May 2019.
6 March 2019Aggreko plcProfessional ServicesAggreko has announced that its 2019 AGM will be held on 25 April 2019.
6 March 2019FDM Group plcComputing & ITFDM Group has announced that its 2019 AGM will be held on 25 May 2019.
6 March 2019HSBC Holdings plcBanking & FinanceHSBC Holdings has announced that its 2019 AGM will be held on 12 April 2019.
6 March 2019Just Eat plcRetail & Wholesale TradeJust Eat has announced that its 2019 AGM will be held on 1 May 2019.
6 March 2019Legal & General Group plcFinancial ServicesLegal & General Group has announced that its 2019 AGM will be held on 23 May 2019.
6 March 2019PageGroup plcProfessional ServicesPageGroup has announced that its 2019 AGM will be held on 24 May 2019
6 March 2019Ultra Electronics Holdings plcAerospace & DefenceUltra Electronics Holdings has announced that its 2019 AGM will be held on 3 May 2019.
6 March 2019Unilever plcConsumer ProductsUnilever has announced that its 2019 AGM will be held on 2 May 2019.
5 March 2019AstraZeneca PlcPharmaceuticals & BiotechnologyAstraZeneca has announced that its 2019 AGM will be held on 26 April 2019.
5 March 2019GVC Holdings plcTravel, Hospitality, Leisure & TourismGVC Holdings has announced that its 2019 AGM will be held on 5 June 2019.
5 March 2019Ibstock plcConstructionIbstock has announced that its 2019 AGM will be held on 23 May 2019.
5 March 2019John Laing Group plcFinancial ServicesJohn Laing Group has announced that its 2019 AGM will be held on 9 May 2019.
5 March 2019Phoenix Group Holdings plcFinancial ServicesPhoenix Group Holdings has announced that its 2019 AGM will be held on 2 May 2019.
1 March 2019William Hill plcTravel, Hospitality, Leisure & TourismWilliam Hill has announced that its 2019 AGM will be held on 15 May 2019.

Capital reorganisations

Announcement dateCompanyIndustry sectorKey information
8 March 2019Redrow plcConstructionRedrow announced a return of 30 pence in cash per ordinary share to shareholders, amounting to a return of approximately £111 million. The return of cash will be implemented by a B share scheme.It is intended that the B share scheme will be accompanied by a share consolidation of Redrow's existing ordinary share capital at a ratio of 20 for 21 (or such other ratio as may be proposed by the board of directors of Redrow).
The B share scheme and share consolidation are subject to the approval of Redrow's shareholders.

Delistings

Announcement dateDelisting companyIndustry sectorKey information
4 March 2019LXB Retail Properties plcInvestment
Property
LXB Retail Properties has announced the convening of a meeting of its shareholders to consider the cancellation of trading in ordinary shares in the capital of the company on AIM.
If approved by shareholders, it is expected that the shares will cease trading on 7 May 2019.

IPOs

Announcement dateIssuerIndustry sectorKey information
8 March 2019Diaceutics plcPharmaceuticalsDiaceutics announced a schedule one announcement in relation to a possible IPO.

Joint ventures

Announcement dateDealIndustry sectorKey information
8 March 2019St James House plc and ZeU Crypto Networks LimitedTravel, Hospitality, Leisure & TourismSt James House has announced a new lottery joint venture with ZeU Crypto Networks in Malta.
The Group will hold a 45 per cent equity interest in the Lottery JV and the other shareholders will be Zeu with 19.9 per cent, SGEM with 19.9 per cent and the balance with outside shareholders.  
All costs of the Lottery JV will be met by ZeU and in return, ZeU will charge a service fee that will not exceed 90% of the revenues from the Lottery JV.  The remaining 10 per cent of the revenues of the Lottery JV will be distributed as a dividend to the shareholders, i.e. the Group will receive 4.5 per cent of the revenues of the Lottery JV by way of a dividend. 

Returns of value to shareholders

Announcement dateCompanyIndustry sectorKey information
8 March 2019Bodycote plcEngineering & ManufacturingBodycote announced a final ordinary dividend of 13.2 pence and as a result of a strong balance sheet the board recommended a special dividend of 20.0 pence.
If approved by shareholders, both the final ordinary dividend and the special dividend will be paid on 7 June 2019 to shareholders on the register at the close of business on 23 April 2019. 
7 March 2019Admiral Group plcFinancial ServicesAdmiral Group announced that the directors have proposed a final dividend of 66.0 pence per share representing a normal dividend (65% of post-tax profits) of 49.1 pence per share and a special dividend of 16.9 pence per share. The dividend will be paid on 31 May 2019. The ex-dividend date is 9 May 2019 and the record date is 10 May 2019.
6 March 2019Pearson plcMedia & TelecommunicationsPearson announced that its subsidiary company Pearson Funding Five plc is launching a tender offer for up to £64.48 million (€75 million) of its £429.85 million (€500m) 1.875 per cent bond due in 2021.
5 March 2019Direct Line Insurance Group plcFinancial ServicesDirect Line Insurance announced a special dividend of 8.3 pence per share and/or a repurchase of its own shares to distribute surplus capital to shareholders.The final dividend and special dividend will be paid on 16 May 2019 to shareholders on the register on 5 April 2019.

Reverse takeovers

Announcement dateCompanyIndustry sectorKey information
7 March 2019Cobra Resources plc acquisition of Lady Alice Mines Pty LtdInvestmentCobra Resources announced that it has signed an acquisition agreement to acquire 100% of the units in the Lady Alice Trust and the entire issued share capital of Lady Alice Mines Pty Ltd, as trustee of the Lady Alice Trust. Additionally, the unitholders of the Lady Alice Trust will, by way of assignment, transfer all of the units in the Lady Alice Trust to Cobra. 
The proposed acquisition will constitute a reverse takeover for the purposes of the Listing Rules.

Secondary offers

Announcement dateIssuerIndustry sectorKey information
6 March 2019Victoria Oil & Gas plcOil & GasVictoria Oil & Gas announced a fundraise, aiming to raise £12.6 million in gross proceeds. The fundraise includes a placing and an offer for subscription. The placing will be conducted by way of an accelerated bookbuild. The company intends that the placing will raise £6.1 million, and that the subscription will raise £6.5 million. Admission of the shares to trading will take place on 4 April 2019.
4 March 2019Greencoat Renewables plcInvestmentGreencoat Renewables has announced its intention to issue approximately 100 million new ordinary shares in the capital of the company under the 250 million share issuance programme launched on 9 July 2018, of which a balance of 140 million ordinary shares remains available for issue.

Takeovers

Announcement dateDealIndustry sectorKey information
8 March 2019RPC Group plc offer by Berry Global Group, Inc.Engineering & ManufacturingBerry Global Group announced a recommended superior cash offer for the entire issued and to be issued share capital of RPC Group structured by way of a scheme of arrangement. The firm offer is a competing offer to Apollo Global Management, LLC offer announced on 23 January 2019. As a result of the superior cash offer by Berry Global Group, RPC Group withdrew their recommendation from Apollo Global Management’s offer.
The firm offer follows from the possible offer announced by Berry Global Capital announced on 31 January 2019.
5 March 2019Independent Oil and Gas plc possible offer by RockRose Energy plcOil & GasRockRose Energy announced a possible cash offer for the entire issued and to be issued share capital of Independent Oil and Gas. The possible offer is valued at £26.6 million.The proposal was rejected by the board of directors of Independent Oil and Gas, who have expressed an intention to continue in their endeavours to find a strategic partner to develop their assets.
The PUSU deadline is on 2 April 2019.
4 March 2019Findel plc offer by Sports Direct International plcRetail & Wholesale TradeSports Direct International announced that it had made a mandatory cash offer for the entire issued and to be issued share capital of Findel. The mandatory offer under Rule 9 of the Takeover Code was triggered after Sports Direct International unconditionally agreed to acquire 36.8% of the existing issued share capital of Findel which are held by City Financial Absolute Equity Fund. The mandatory offer requires Sports Direct International to acquire the remaining Findel shares not already held by Sports Direct International, at a price of 161 pence per Findel share.

 

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