View more on these topics

Flotation could raise £180m

Moneysupermarket.com, the parent company of M2000 and Paaleads.com, has revealed it is set to raise £180m after it floats on the London Stock Exchange.

The price comparison website says it has set the share price at 170p to 210p per ordinary share.

At the midpoint of the price range, the offer size will be around £388m, comprising approximately 204 million shares representing up to 41% of the enlarged issued share capital of the company.

The company is seeking to raise gross proceeds of £180m through the issue of new ordinary shares. The proceeds will be used primarily to reduce debt and to fund growth.

Simon Nixon, chief executive of Moneysupermarket.com, is intending to sell approximately 60.3 million ordinary shares, representing approximately 18% of his holding of ordinary shares.

He has also granted Credit Suisse an over-allotment option in connection with the global offer, which may result in the sale of up to 30.6 million additional ordinary shares.

The senior managers and certain current and former employees are selling approximately 26.5 million ordinary shares. Nixon and the senior managers will own a majority of the ordinary shares.

Duncan Cameron, former business partner of Nixon, is intending to sell 22.5 million ordinary shares representing his entire shareholding.

Michael Wemms has joined the board as the senior independent director. Wemms is a non-executive director of Coles Group and Inchcape and was an executive director of Tesco between 1989 and 2000.

Nixon says: “We look forward to becoming a public company with the benefits it will bring. We are also delighted to have Michael Wemms joining the board.”

Recommended

Gieve hints he will vote for rate rise this week

Sir John Gieve, deputy governor of the Bank of England, has hinted that he will vote for a base rate rise next week to bring inflation back on course. In a speech to the University of Surrey, the Monetary Policy Committee member said the impact of past interest rate rises had yet to filter through. […]

FSA tips for navigating its website

Recently I wrote about the speech that Mandy Spink, head of mortgages and credit unions at the Financial Services Au-thority, made at the Mortgage Business Expo in Manchester. In it she warned mortgage firms to engage more effectively with the communications issued by the regulator.

Clients on the verge of a payment breakdown

Many borrowers will soon see big hikes in their monthly mortgage payments, which begs the question of whether the mortgage market should take some res-ponsibility for the subsequent debt problems.

CAB welcomes FSA’s sub-prime findings

The Citizens Advice Bureau has revealed it sees many people who have fallen into arrears soon after taking out a loan, lending weight to the Financial Services Authority’s concerns about sub-prime advice.Sue Edwards, senior social policy officer at Citizens Advice, says:“Citizens Advice welcomes the work of the FSA in its review of the behaviour of […]

Newsletter

News and expert analysis straight to your inbox

Sign up