New Star Asset Management has this morning announced it will float the limited liability firm on London's Alternative Investment Market next month.
According to a statement just issued by New Star, the firm’s directors and employees will sell around 5% of the shares they own – which in turn are worth around 3% of New Star’s share capital - while existing external investors in the firm will be given “an opportunity to realise whole or part of their investment”.
No new shares will be issued by New Star, says the statement, but the IPO is expected to be placed through UK and overseas institutional investors (excluding the US).
Directors and employees in the company – which from today includes Sir Dominic Cadbury as a non-executive director and deputy chairman along with John Craig and David Gamble – will see their shares subject to a staggered lock-in which expires in November 2009.
Today’s announcement was revealed at the same time as the firm’s latest performance figures which show turnover increased 39% from £31.3m to £43.1m and assets under management are 21% higher than December 31st, 2004 at £12.9bn.
Pre-tax profit for the six-month period to June 2005 was also £5.3m, after an £11.6m non-cash charge for intangible assets amortisation and net interest paid of £200,000.
Commenting on the firm’s move, chairman John Duffield says:
“The first half of 2005 was a period of sustained organic growth for our business providing an excellent backdrop for our IPO. We are very enthusiastic about the forthcoming IPO and are confident about the Group’s future prospects.”
UBS Investment Bank is nominated adviser and sole bookrunner while Citigroup Global Markets joint lead manager on the IPO.
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