What's Market (UK): recent deals published

A practice note listing the recent deals published on What's Market.

Contents

What's Market (UK)

What's Market (UK) is a deals database that lets you search and compare a wide range of public company transactions and AGM notices.

What's Market allows you to:

  • Search for details of recent deals.

  • Review search results and browse deal terms.

  • Compare features and deal terms across a range of deals.

  • Export comparisons to word.

For information on the range of corporate transactions and general meetings included in What's Market, see How to use What's Market, Scope and Thresholds.

 

What’s Market (UK): recent deals published

Public M&A

Date of announcement

Target

Deal

Points to note

7 April 2014

Elektron Technology plc (AIM)

Possible offer for Elektron Technology plc (strategic review including formal sale process)

Announcement by Elektron Technology plc, confirming that it is considering a range of strategic alternatives, including a fundraising or the possible sale of the company, by means of a formal sale process.

28 March 2014

Bellzone Mining plc (AIM)

Possible offer for Bellzone Mining plc by China Sonangol International Singapore Pte. Ltd.

Announcement by Bellzone Mining plc (Bellzone), in response to movement in its share price, confirming that it is in discussions with one of its major shareholders, China Sonangol International Singapore Pte. Ltd. (CS) in relation to an equity investment which may result in CS acquiring 30% or more of the voting rights of Bellzone, and therefore being required to make a mandatory offer for Bellzone.

28 March 2014

Manroy Plc (AIM)

Recommended cash offer for Manroy Plc by FN Herstal S.A.

The offer is valued at £16 million.

FN Herstal S.A. (Herstal) is a sub-holding entity of the Herstal group.

Manroy Plc was previously the subject of a possible offer by Herstal (see What's Market, Possible offer for Manroy Plc).

14 March 2014

Essar Energy plc (Main Market)

Hostile cash offer for Essar Energy plc by Energy Bidco Holdings Limited

The offer has not been recommended and is valued at US$1.96 billion (approximately £1.18 billion).

Energy Bidco Holdings Limited is a wholly-owned subsidiary of Essar Global Fund Limited (EGFL).

Essar Energy plc was previously the subject of a possible offer by EGFL (see What's Market, Essar Global Fund Limited possible offer for Essar Energy plc).

Secondary issues

Date of announcement

Issuer

Transaction

Points to note

15 April 2014

Sinclair IS Pharma plc (AIM)

Placing

The size of the issue is £19.5 million (net).

15 April 2014

Aquarius Platinum Limited (Main Market)

Rights issue

The size of the issue is US$217.3 million (approximately £129.4 million) (net).

11 April 2014

Firestone Diamonds plc (AIM)

Firm placing, open offer and subscription

The size of the issue is US$116.7 million (approximately £71.18 million) (gross).

10 April 2014

fastjet Plc (AIM)

Firm placing and open offer

The size of the issue is £14.9 million (gross).

9 April 2014

Brammer plc (Main Market)

Placing

The size of the issue is £53.7 million (gross).

31 March 2014

Regenersis plc (AIM)

Placing

The size of the issue is £95.8 million (net).

31 March 2014

Skyepharma PLC (Main Market)

Firm placing and placing and open offer

The size of the issue is £104 million (net).

27 March 2014

Babcock International Group PLC (Main Market)

Rights issue

The size of the issue is £1.076 billion (net) and is intended to fund the acquisition of the Avincis group (see What's Market, Babcock International Group PLC acquisition of Avincis Group).

26 March 2014

Real Estate Investors PLC (AIM)

Placing

The size of the issue is £19.47 million (net).

25 March 2014

RSA Insurance Group plc (Main Market)

Rights issue

The size of the issue is £748 million (net).

24 March 2014

Monitise plc (AIM)

Placing

The size of the issue is £109 million (gross) and will be effected by way of an accelerated bookbuild process.

21 March 2014

Amara Mining plc (AIM)

Firm placing and open offer

The size of the issue is £21.2 million (net).

20 March 2014

Intu Properties plc (Main Market)

Rights issue

The size of the issue is £488 million (net) and is intended to part-fund the acquisition of two regional shopping centres and a retail park (see What's Market, Intu Properties plc acquisition of two regional shopping centres and a retail park).

20 March 2014

EKF Diagnostics Holdings plc (AIM)

Placing

The size of the issue is £20.1 million (net) and will be effected by way of an accelerated bookbuild process.

13 March 2014

Vectura Group plc (Main Market)

Placing

The size of the issue is £47.5 million (net) and will be effected by way of an accelerated bookbuild process.

10 March 2014

Goals Soccer Centres plc (AIM)

Placing

The size of the issue is £11.4 million (gross).

7 March 2014

Futura Medical plc (AIM)

Placing

The size of the issue is £11.5 million (net).

6 March 2014

Shaftesbury PLC (Main Market)

Placing

The size of the issue is £156.6 million (gross) and will be effected by way of an accelerated bookbuild process.

6 March 2014

The UNITE Group plc (Main Market)

Firm placing and placing and open offer

The size of the issue is £96.45 million (net).

6 March 2014

Verona Pharma PLC (AIM)

Firm placing, subscription and open offer

The size of the issue is £13.1 million (net) and will be effected by way of an accelerated bookbuild process.

6 March 2014

Sirius Minerals Plc (AIM)

Placing

The size of the issue is £43 million (gross) and will be effected by way of an accelerated bookbuild process.

5 March 2014

Pressure Technologies plc (AIM)

Vendor placing and placing

The size of the issue is £16.7 million (gross).

4 March 2014

Premier Foods plc (Main Market)

Rights issue and placing

The size of the issue is £344 million (net).

3 March 2014

Johnson Service Group PLC (AIM)

Placing

The size of the issue is £12.8 million (net).

IPOs: AIM

Date of admission to trading

Company

Transaction

Points to note

12 May 2014

Dart Energy Limited

Admission to AIM

Upon admission, the market capitalisation of Dart Energy Limited will be £67.75 million.

2 April 2014

SafeCharge International Group Limited

Admission to AIM and placing

Upon admission, the market capitalisation of SafeCharge International Group Limited at the offer price of 162 pence per share will be £242.6 million.

28 March 2014

Venture Life Group plc

Admission to AIM and placing

Upon admission, the market capitalisation of Venture Life Group plc at the offer price of 109 pence per share will be £26.4 million.

27 March 2014

Horizon Discovery Group plc

Admission to AIM and placing

Upon admission, the market capitalisation of Horizon Discovery Group plc at the offer price of 180 pence per share will be £120.5 million.

25 March 2014

Xeros Technology Group plc

Admission to AIM and placing

Upon admission, the market capitalisation of Xeros Technology Group plc at the offer price of 123 pence per share will be £80.04 million.

21 March 2014

XLMedia PLC

Admission to AIM and placing

Upon admission, the market capitalisation of XLMedia PLC at the offer price of 49 pence per share will be £92.9 million.

19 March 2014

Dalata Hotel Group p.l.c.

Admission to AIM and placing

Upon admission, the market capitalisation of Dalata Hotel Group p.l.c. at the offer price of EUR2.50 per share will be EUR305 million (approximately £255.07 million).

14 March 2014

boohoo.com plc

Admission to AIM and placing

Upon admission, the market capitalisation of boohoo.com plc at the offer price of 50 pence per share will be £560.1 million.

10 March 2014

Koovs plc

Admission to AIM and placing

Upon admission, the market capitalisation of Koovs plc at the offer price of 150 pence per share will be £36.2 million.

IPOs: Main Market

Date of admission to trading

Company

Transaction

Points to note

16 April 2014

Exova Group plc

Underwritten offer of shares and admission to premium listing and to trading on the Main Market

Upon admission, the market capitalisation of Exova Group plc at the offer price of 220 pence per share will be £550 million.

16 April 2014

NextEnergy Solar Fund Limited

Placing and offer for subscription of shares and admission to premium listing and to trading on the Main Market

Upon admission, the market capitalisation of NextEnergy Solar Fund Limited at the offer price of 100 pence per share will be £150 million.

15 April 2014

Nomad Holdings Limited

Underwritten placing of shares with matching warrants and admission to standard listing and to trading on the Main Market

Upon admission, the market capitalisation of Nomad Holdings Limited at the offer price of US$10 per share will be approximately US$473.7 million (approximately £281.7 million).

14 April 2014

SEPLAT Petroleum Development Company Plc

Global offer of shares and admission to standard listing and to trading on the Main Market and the Nigerian Stock Exchange

Upon admission, the market capitalisation of SEPLAT Petroleum Development Company Plc at the offer price of 210 pence per share will be £1.141 billion.

2 April 2014

Brit PLC

Underwritten offer of shares and admission to premium listing and to trading on the Main Market

Upon admission, the market capitalisation of Brit PLC at the offer price of 240 pence per share will be £960 million.

24 March 2014

John Laing Environmental Assets Group Limited

Placing and offer for subscription of shares and admission to premium listing and to trading on the Main Market

Upon admission, the market capitalisation of John Laing Environmental Assets Group Limited at the offer price of 100 pence per share will be £160 million, or up to £174.1 million if an additional tranche of shares is issued.

19 March 2014

Gulf Marine Services PLC

Underwritten offer of shares and admission to premium listing and to trading on the Main Market

Upon admission, the market capitalisation of Gulf Marine Services PLC at the offer price of 135 pence per share will be £471.9 million.

18 March 2014

Circassia Pharmaceuticals plc

Underwritten offer of shares and admission to premium listing and to trading on the Main Market

Upon admission, the market capitalisation of Circassia Pharmaceuticals plc at the offer price of 310 pence per share will be £581 million.

18 March 2014

Pets at Home Group Plc

Underwritten offer of shares and admission to premium listing and to trading on the Main Market

Upon admission, the market capitalisation of Pets at Home Group Plc at the offer price of 210 pence to 260 pence per share will be £1.05 billion to £1.3 billion, depending on the final offer size and offer price.

17 March 2014

Poundland Group plc

Underwritten global offer and admission to premium listing and to trading on the Main Market

Upon admission, the market capitalisation of Poundland Group plc at the offer price of 300 pence per share will be £750 million.

10 March 2014

TwentyFour Select Monthly Income Fund Limited

Placing and offer for subscription of shares and admission to premium listing and to trading on the Main Market

Upon admission, the market capitalisation of TwentyFour Select Monthly Income Fund Limited at the offer price of 100 pence per share will be £102.7 million.

5 March 2014

Lenta Ltd.

Underwritten offer of global depositary receipts and admission to standard listing and to trading on the Main Market and the MICEX Stock Exchange

Upon admission, the market capitalisation of Lenta Ltd. at the offer price of US$10 per GDR will be US$4.303 billion (approximately £2.578 billion).

3 March 2014

AO World plc

Offer of shares and admission to premium listing and to trading on the Main Market

Upon admission, the market capitalisation of AO World plc at the offer price of 285 pence per share will be £1.2 billion.

Returns of value to shareholders

Date of announcement

Company

Transaction

Points to note

17 March 2014

Persimmon Plc (Main Market)

B and C share scheme

Persimmon Plc intends to make a return of approximately £214 million.

14 March 2014

Aggreko plc (Main Market)

B share scheme

Aggreko plc intends to make a return of approximately £200 million.

14 March 2014

CLS Holdings plc (Main Market)

Tender offer

CLS Holdings plc intends to make a return of approximately £10 million.

Listing Rules transactions

Date of announcement

Company

Transaction

Points to note

17 April 2014

RSA Insurance Group plc

Disposal of operations in the Baltics and Poland

The consideration is EUR360 million (£300 million), payable in cash.

15 April 2014

Capita plc

Acquisition of AMT-SYBEX Group Limited

The consideration is up to £105 million.

14 April 2014

Glencore Xstrata plc

Acquisition of Caracal Energy Inc.

The consideration is £5.50 per Caracal Energy Inc. common share.

13 April 2014

Glencore Xstrata plc

Disposal of Las Bambas copper mine project

The consideration is US$5.85 billion (approximately £3.5 billion).

4 April 2014

Lloyds Banking Group plc

Class 1 assistance to Her Majesty's Treasury in connection with potential share sale(s)

The arrangement constitutes a related party transaction under the Listing Rules.

27 March 2014

Old Mutual plc

Disposal of Skandia Germany and Skandia Austria

The consideration is EUR220 million (approximately £182 million), payable in cash.

27 March 2014

Babcock International Group PLC

Class 1 acquisition of Avincis Group

The consideration is EUR1.1 billion (£920 million) and will be funded from the proceeds of a rights issue (see What's Market, Babcock International Group PLC rights issue).

26 March 2014

Phoenix Group Holdings

Disposal of Ignis Asset Management Limited

The consideration is £390 million, payable in cash.

25 March 2014

Centrica plc

Acquisition of Bord Gáis Energy's gas and power supply business

The consideration is EUR1.1 billion (£920 million).

20 March 2014

Lloyds Banking Group plc

Disposal of a portfolio of European commercial real estate loans

The consideration is EUR280 million (approximately £235 million), payable in cash.

20 March 2014

Intu Properties plc

Acquisition of two regional shopping centres and a retail park

The consideration is £867.8 million and will be part-funded from the proceeds of a rights issue (see What's Market, Intu Properties plc rights issue).

17 March 2014

Vodafone Group Plc

Acquisition of Grupo Corporativo Ono, S.A.

The consideration is EUR7.2 billion (£6 billion).

17 March 2014

Caracal Energy Inc.

Combination with TransGlobe Energy Corporation

The transaction constitutes a reverse takeover under the Listing Rules.

13 March 2014

Vectura Group plc

Acquisition of Activaero GmbH

The consideration is EUR130 million (approximately £108 million).

6 March 2014

Stobart Group Limited

Class 1 disposal of 51% of Eddie Stobart Logistics Limited

The consideration is £280.8 million, payable in a combination of cash and shares.

AIM Rules: Reverse takeovers

Date of announcement

Company

Transaction

Points to note

31 March 2014

Alexander David Investments plc

Acquisition of Tiziana Pharma Limited, placing and Rule 9 Waiver

The consideration is £7.5 million.

3 February 2014

Qannas Investments Limited

Acquisition of Secondary Private Equity Fund and SPE Qannas C Limited

The consideration is US$47.89 million (approximately £29.43 million).

31 January 2014

Top Level Domain Holdings Limited

Change of status from an investing company to an operating company

The change of status of Top Level Domain Holdings Limited (TLDH) to an operating company with a material trading activity is classified as a reverse takeover of TLDH under the AIM Rules.

31 January 2014

China Private Equity Investment Holdings Limited

Acquisition of certain Chinese assets and subscription for shares

The consideration is at least approximately US$86.73 million (approximately £52.54 million).

Reorganisations and schemes

Date of announcement

Company

Transaction

Points to note

11 April 2014

Firestone Diamonds plc (AIM)

Consolidation and sub-division of share capital

Firestone Diamonds plc proposes to implement a share capital reorganisation by consolidating its existing ordinary shares and then sub-dividing each share into one new ordinary share and one deferred share.

25 March 2014

RSA Insurance Group plc (Main Market)

Sub-division and consolidation of share capital

RSA Insurance Group plc proposes to implement a share capital reorganisation by sub-dividing its existing ordinary shares and subsequently consolidating every five ordinary shares into one ordinary share.

20 March 2014

Sarossa Capital plc (AIM)

New holdco scheme of arrangement

Sarossa Capital plc proposes to introduce Sarossa Plc (incorporated in Jersey) as holding company of Sarossa Capital plc by scheme of arrangement.

De-listings

Date of announcement

Company

De-listing

Points to note

4 April 2014

Medusa Mining Limited (Main Market)

De-listing

Cancellation is anticipated to occur on 23 May 2014.

3 April 2014

LZYE Group Plc (AIM)

Cancellation of AIM admission

Cancellation is anticipated to occur on 16 May 2014.

2 April 2014

Rare Earths Global Limited (AIM)

Cancellation of AIM admission

Cancellation is anticipated to occur on 2 May 2014.

4 March 2014

Kada Technology Holdings Limited (AIM)

Cancellation of AIM admission

Cancellation occurred on 4 April 2014.

3 March 2014

Argo Real Estate Opportunities Fund Limited (AIM)

Cancellation of AIM admission

Cancellation occurred on 3 March 2014.

Convertible bonds

Date of announcement

Company

Transaction

Points to note

26 February 2014

St. Modwen Properties PLC (Main Market)

Issue of unsecured guaranteed convertible bonds

The bond issue is valued at £100 million.

12 November 2013

Balfour Beatty plc (Main Market)

Issue of unsecured guaranteed convertible bonds

The bond issue is valued at £252.7 million.

3 October 2013

The UNITE group plc (Main Market)

Issue of unsecured guaranteed convertible bonds

The bond issue is valued at £89.9 million.

Demergers

Date of announcement

Company

Transaction

Points to note

31 January 2014

Safeland plc (AIM)

Demerger of Safestay business

Demerger by Safeland plc of its Safestay business to Safestay plc, a new company incorporated to facilitate the demerger.

The demerger is structured as a three cornered reduction of capital.

20 December 2013

Tawa plc (AIM)

Demerger of risk carrier business

Demerger by Tawa plc (Tawa) of its risk carrier business to Tawa Associates Limited, currently a wholly-owned subsidiary of Tawa.

The demerger is structured as a direct dividend.

13 September 2013

Leyshon Resources Limited (AIM)

Demerger of the energy business

Demerger by Leyshon Resources Limited of the energy business to Leyshon Energy Limited.

The demerger is structured as a three cornered reduction of capital.

Transfers to the Main Market from AIM

Date of admission to trading

Company

Transaction

Points to note

25 March 2014

Gulf Keystone Petroleum Limited

Transfer to the Main Market from AIM

Admission occurred on 25 March 2014.

8 July 2013

Tyman plc

Transfer to the Main Market from AIM

Admission occurred on 8 July 2013.

Tyman plc also intends to effect a firm placing and a fully underwritten placing and open offer of new shares to raise £65.5 million (net) (see What's Market, Tyman plc firm placing, placing and open offer).

Joint ventures

Date of announcement

Parties

Deal

Points to note

8 April 2014

ValiRx Plc (AIM)

SEEK Group

Tangent Reprofiling Limited

ValiSeek Limited

60:40 joint venture between the parties

The joint venture is intended to progress the drug VAL401 through its remaining preclinical development and towards phase II trials for the treatment of lung cancer and other oncology indications.

7 April 2014

Graphene NanoChem plc (AIM)

Platinum NanoChem Sdn Bhd

Scomi Energy Services Bhd

Scomi Oiltools Sdn Bhd

50:50 joint venture between the parties

The joint venture is intended to produce and supply a range of speciality chemicals exclusively for the oilfield chemicals market.

28 March 2014

Capital & Counties Properties PLC (Main Market)

Transport for London

Earls Court Partnership Limited

63:37 joint venture between the parties

The joint venture is intended to enable the development of the exhibition centres known as Earls Court 1 & 2.

Restructurings

Date of announcement

Company

Transaction

Points to note

29 October 2013

Eruma PLC (AIM)

CVA

19 September 2013

Avia Health Informatics PLC (AIM)

CVA

Avia Health Informatics PLC intends to raise between £300,000 and £500,000 through a placing, part of the proceeds of which will be used to settle the costs of the CVA.

19 September 2013

Alba Mineral Resources plc (AIM)

Debt for equity swap

The restructuring will write off £172,700 of debt in exchange for 57,566,636 new ordinary shares.

Annual general meetings

For details of the recent summaries of AGM notices published on What's Market, see:

 
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