Market Tracker weekly round-up—9 November 2018

Weekly round-up of the latest corporate announcements, including a recommended all-cash offer for GBGI Limited by Further Global Capital Management, L.P., IPOs by AJ Bell Holdings Limited, The Global Sustainability Trust plc, Greenfields Petroleum Corporation and The Panoply Holdings plc, a secondary offering by Gresham House plc, a related party transaction under the AIM rules by Gresham House plc, a capital reorganisation by Kenmare Resources plc, a return of value by Micro Focus International plc, a joint venture between Lewisham Council and Grainger plc, a demerger by Premier African Minerals Limited, a reverse takeover by Gordon Dadds Group plc, and an AGM notice from Associated British Foods plc.

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 4,000 public company deal summaries.

The Market Tracker weekly bulletin — 8 November 2018 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 date Company Industry sector Key information
6 November 2018 Associated British Foods plc Food & beverages Associated British Foods announced that its 2018 AGM will be held on 7 December 2018.

Capital reorganisations

Announcement date Company Industry sector Key information
6 November 2018 Kenmare Resources plc Mining, metals & extraction Kenmare Resources has announced a proposed capital reduction of the company’s share premium account. The purpose of the capital reduction is to allow the company to pay dividends or to repurchase shares in the future. This is required as the company has accumulated a deficit on its balance sheet.The capital reduction is conditional upon shareholder approval at the company’s forthcoming general meeting on 5 December 2018.

Demergers

Announcement date Company Industry sector Key information
7 November 2018 Premier African Minerals Limited Mining, metals & extraction Premier African Minerals has announced a proposed restructuring of its Zimbabwe minerals projects, together with the proposed purchase of assets owned by KME Holdings Limited. Immediately on completion of the restructuring and acquisition, the company intends to demerge its Zimbabwe minerals projects and seek a separate listing for these including the KME Assets on a London-based market.

IPOs

Announcement date Issuer Industry sector Key information
8 November 2018 AJ Bell Holdings Limited Investment AJ Bell Holdings announced the publication of a registration document, as the company is considering proceeding with an IPO. The company intends to list its shares on the London Stock Exchange’s Main Market. A prospectus with more details of the offer will be published on 27 November 2018.
5 November 2018 The Global Sustainability Trust plc Investment The Global Sustainability Trust has announced its intention to raise £200 million and apply for admission to trading on the premium segment of the London Stock Exchange.
5 November 2018 Greenfields Petroleum Corporation Mining, metals & extraction Greenfields Petroleum Corporation announcedan intention to float on AIM, along with a restructuring of senior secured debt. The company is currently listed in Canada on the TSX Venture Exchange.
5 November 2018 The Panoply Holdings plc Professional services
IT & Computing
The Panoply Holdings announced an intention to float on AIM.

Joint ventures

Announcement date Deal Industry sector Key information
8 November 2018 Lewisham Council and Grainger plc Investment Lewisham Council and Grainger plc have announced a partnership to deliver up to 300 new purpose-built private rented sector homes at Besson Street in New Cross Gate.
The partnership includes the creation of a new 50/50 joint venture company, Lewisham Grainger Holdings LLP.  The joint venture will deliver a ground-breaking new rental housing scheme that includes 35% affordable homes let at ‘London Living Rent’ and long-term tenancies for Lewisham residents.

LR/AIM Rules transactions

Announcement date Company Industry sector Key information
9 November 2018 Gresham House plc Investment Gresham House announced a related party transaction under the AIM rules.

Returns of value to shareholders

Announcement date Company Industry sector Key information
6 November 2018 Micro Focus International plc Computing & IT Micro Focus International has announced an extension of the share buyback programme that began in August 2018. The extension to the programme will result in the company repurchasing approximately £303 million ($400 million) of its ordinary shares, inclusive of those already purchased. The extended programme will be effected in accordance with the terms of the authority granted by shareholders at the company’s 2017 AGM.

Reverse takeovers

Announcement date Company Industry sector Key information
9 November 2018 Gordon Dadds Group plc acquisition of Ince & Co International LLP and its affiliated entities Professional services Gordon Dadds announced on 29 October 2018 its agreed terms for the acquisition of Ince , subject to final documentation.The merged entity will become a new global legal business and the largest listed law firm in the UK by revenue. It will be a top 40 UK legal firm and will trade as Ince Gordon Dadds LLP.
The consideration is estimated to amount to £34 million.
Further to the announcement made on 29 October 2018, Gordon Dadds announced that the acquisition would be classified as a reverse takeover under Rule 14 of the Aim Rules for Companies.

Secondary offers

Announcement date Issuer Industry sector Key information
9 November 2018 Gresham House plc Investment Gresham House announced a placing to raise £11.7 million in proceeds. Completion of the placing is conditional on the company’s acquisition of Livingbridge VC LLP. The placing is not underwritten. Admission of the placing shares to trading is expected on 30 November 2018.

Takeovers

Announcement date Deal Industry sector Key information
5 November 2018 GBGI Limited offer by Further Global Capital Management, L.P. Financial services GBGI Limited received a recommended all-cash offer, with an unlisted Bidco interest alternative, from US private equity firm Further Global Capital Management, L.P., through its controlled affiliate Elm Bidco, L.P. for the entire issued and to be issued share capital of GBGI.The offer is structured by way of a scheme of arrangement.
Each shareholder will be entitled to 116.82 pence (US$ 1.515) in cash. A facility will be made available for shareholders to receive their cash consideration in sterling.
Filed Under: Round-ups

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