Market Tracker weekly round-up—21 December 2017

22 Dec 2017 | 7 min read
Market Tracker round-ups and deal summary coverage will be taking a break over the Christmas period. This week’s round-up of the latest corporate announcements includes a recommended all cash acquisition of Taliesin Property Fund Limited by Wren Bidco Limited and Canary Bidco Limited, a recommended cash offer for Styles & Wood Group plc by Central Square Holdings Limited, and IPO by Pennpetro Energy plc, placings by Axiom European Financial Debt Fund Limited, Chaarat Gold Holdings Limited and Base Resources Limited, a joint venture between Ashley House plc and Morgan Sindall Investments Limited and reorganisations by Styles & Wood Group plc and PCG Entertainment plc.
This week’s round-up is our final round-up of 2017, covering all deals announced from Monday 18 December 2017 until 2pm on Thursday 21 December 2017. Deal summary coverage will resume on Tuesday 2 January 2017.Merry Christmas from the Lexis®PSL Corporate and the Market Tracker team.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
21 December 2017 Renew Holdings plc Professional services Renew Holdings plc has announced that its 2018 AGM will be held on 31 January 2018.
19 December 2017 McCarthy & Stone plc Construction McCarthy & Stone plc has announced that its 2018 AGM will be held on 24 January 2018.
19 December 2017 CYBG plc Banking & finance CYBG plc has announced that its 2018 AGM will be held on 31 January 2018.

IPOs

Announcement date Deal Industry sector Key information
21 December 2017 Pennpetro Energy plc Oil & gas Pennpetro Energy has announced he admission of 70,900,000 ordinary shares of £0.01 in the capital of the company, at an admission price of £0.25 per ordinary share to the Official List by way of a Standard Listing under Chapter 14 of the Listing Rules and to trading on the London Stock Exchange's main market for listed securities.

Joint ventures

Announcement date Deal Industry sector Key information
15 December 2017 Ashley House plc and Morgan Sindall Investments Limited Construction
Investment
Ashley House has announced that it has signed a joint venture agreement with Morgan Sindall Investments Limited (MSIL), a wholly owned subsidiary of the construction and regeneration group, Morgan Sindall Group plc. Together through the new joint venture, Ashley House and MSIL will develop extra care and supported living housing.Ashley House has set up a new limited liability partnership, Morgan Ashley Care Developments LLP, into which it is transferring the majority of the pipeline schemes from its housing division. MSIL has acquired a 50% interest in the new venture for a total consideration of £4 million. Ashley House has received £2 million in cash from MSIL and will receive a further £500,000 at the beginning of January 2018 with the remaining £1.5 million contingent on certain completion mechanics but expected to be paid in early 2018.

LR/AIM Rules transactions

Announcement date Company Industry sector Key information
19 December 2017 San Leon Energy plc Oil & gas San Leon Energy plc has announced a related party transaction under the AIM rules.
19 December 2017 Cabot Energy plc Oil & gas Cabot Energy plc has announced a related party transaction under the AIM rules.

Reorganisations

Announcement date Company Industry sector Key information
21 December 2017 Styles & Wood Group plc Professional services Styles & Wood plc has announced that it is undertaking a reduction of capital in order to cancel its deferred shares ad deferred ordinary shares. The cancellation will only become effective if (in the following order) (i) the relevant resolutions are approved at the Company’s general meeting, (ii) confirmation of the reduction of capital is given by the court and (iii) the court order and a statement of capital are delivered to, and registered by, the Registrar or Companies.
The reduction of capital does not involve any distribution or repayment of capital or share premium b the Company and will not reduce the underlying net assets of the Company. The are currently 6,182,383 deferred shares and 40,777,812 deferred ordinary shares in issue at the date of this announcement.
21 December 2017 PCG Entertainment plc Travel, hospitality, leisure & tourism PCG Entertainment has announced that it is seeking shareholder approval at its forthcoming General Meeting for a capital reorganisation. The Company currently has 3,524,940,507 existing ordinary shares. The directors of the Company believe it is in its best interests to have a more manageable number of issued ordinary shares with a higher share price, and therefore propose a consolidation and sub-division of shares. Each new ordinary share created pursuant to the capital reorganisation shall have a nominal value of 0.1 pence, achieved b a consolidation of every five existing ordinary shares into one consolidated share, followed by an immediate sub-division of each consolidated share into one new ordinary share of 0.1 pence and one deferred share of 0.4 pence.
Following the capital reorganisation, the issued share capital of the Company is assumed to comprise 704,988,102 new ordinary shares and 704,988,102 deferred shares. The total issued share capital of the Company will be £3,42,940.1, and the directors will have the ability, pursuant to authorities granted to them in December 2016, to allot further shares with an aggregate nominal value of £2,475,059.49.

Secondary offers

Announcement date Issuer Industry sector Key information
19 December 2017 Axiom European Financial Debt Fund Limited Investment Axiom European Financial Debt Fund Limited has announced that the company has raised gross proceeds of approximately £16 million pursuant to a placing of 15,068,587 new shares under the existing placing programme.
19 December 2017 Cabot Energy plc Oil & gas Cabot Energy has announced that it is raising gross proceeds of up to £12.3 million.
The fundraising is comprised of a subscription for £8.9 million, a placing of £1.4 million and an open offer of up to £2 million on the basis of 1 open offer share for every 8 existing ordinary shares.
The issue price of 5 pence per ordinary share represents a discount of 2.5% to the closing mid-market price of 5.125 pence on 18 December 2017.
19 December 2017 Base Resources Limited Mining, metals & extraction Base Resources Limited has announced a combined share placement to institutional investors in eligible jurisdictions to raise £57.34 million (A$100 million) and a 1 for 3 accelerated pro rata renounceable entitlements offer. All shares will be offered at 15 pence (A$0.255) per share.
The offer has been partially underwritten by RFC Ambrian Limited subject to the terms and conditions of an offer management and underwriting agreement to a cap of approximately £50.68 million (A$88.4 million).
18 December 2017 Chaarat Gold Holdings Limited Mining, metal & extraction Chaarat Gold Holdings has announced that the board has decided to raise up to US$20 million through a mixture of equity and short term senior secured convertible loan notes in order to optimise the development of the Tulkubash heap leach project and ensure efficient execution of the construction schedule, while also allowing for continued exploration of the oxide deposit during 2018.

Takeovers

Announcement date Deal Industry sector Key information
21 December 2017 Styles & Wood Group plc — Offer by Central Square Holdings Limited Professional services Central Square and Styles & Wood are pleased to announce a recommended cash offer pursuant to which Central Square will acquire the entire issued and to be issued ordinary share capital of Styles & Wood.
The proposed acquisition will be implemented by means of a court sanctioned scheme of arrangement. Under the terms of the acquisition, each scheme shareholder will receive 465 pence in cash for each scheme share.
The offer price values Styles & Wood's entire issued and to be issued ordinary share capital at approximately £42.5 million on the basis of the diluted share capital of 9,147,898 Styles & Wood ordinary shares.
20 December 2017 Taliesin Property Fund Limited — Offer by Wren Bidco Limited and Canary Bidco Limited Investment Taliesin Property Fund Limited (Taliesin), and Wren Bidco Limited and Canary Bidco Limited have announced a recommended all cash acquisition by which the entire issued ordinary share capital of Taliesin will be acquired by Wren Bidco Limited and Canary Bidco Limited.
The offer is structured as a scheme of arrangement. Under the terms of the acquisition, each scheme shareholder will receive 51 Euros (£45.19) in cash for each scheme share.
The acquisition values Taliesin's entire issued ordinary share capital at approximately €260 million (£230.4 million).

Area of Interest