Product category:
General insurance
News Release from: Moneysupermarket.com | Subject: Insurance
Edited by the Insidemoneytalk Editorial
Team on 13 July 2007
Moneysupermarket.com announces IPO offer
price range of 170 pence to 210 pence
per ordinary share.
Today, Moneysupermarket.com announces the price range for the initial public offering ('IPO') of its Ordinary Shares
This announcement (and the information contained herein) is not for release, publication or distribution into or in, directly or indirectly, the United States, Australia, Canada or Japan This announcement is an advertisement and not a prospectus and investors should not subscribe for or purchase any ordinary shares ('Ordinary Shares') referred to in this announcement except on the basis of information in the prospectus (the 'Prospectus') expected to be published today by Moneysupermarket.com Group PLC ('Moneysupermarket.com' or the 'Company', together with its subsidiaries, the 'Group') in connection with the admission of the whole of the issued and to be issued ordinary share capital of the Company to the Official List of the Financial Services Authority (the 'FSA') and to trading on London Stock Exchange plc's main market for listed securities (the 'Global Offer')
This article was originally published on Insidemoneytalk on 29 Mar 2007 at 8.00am (UK)
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Copies of the Prospectus will, following publication, be available from Moneysupermarket.com's registered office at Moneysupermarket House, Saint David's Park, Ewloe, Chester, CH5 3UZ.
Moneysupermarket.com Group PLC Moneysupermarket.com announces IPO offer price range of 170 pence to 210 pence per ordinary share Today, Moneysupermarket.com announces the price range for the proposed initial public offering ('IPO') of its Ordinary Shares which are intended to be admitted to the Official List of the FSA and to trading on the London Stock Exchange.
The price range has been set at 170 pence to 210 pence per Ordinary Share.
Further reading
moneysupermarket.com comments on the new In Car Mobile Legislation
Commenting on the new In Car Mobile Legislation Richard Mason, managing director at price comparison website moneysupermarket.com, said:
Millions of drivers would resort to fraud to avoid jeopardising insurance claim
One in four motorists would only admit the truth under strong pressure Just one in five careless drivers would be up-front with their insurer
Faster roads are 'six times safer' for British drivers as complacency causes crashes close to home
Car park prang three times more likely than motorway crash
At the midpoint of the price range, the offelondonr size will be approximately £388 million comprising approximately 204 million shares (before any exercise of the over-allotment option) representing approximately 41% of the enlarged issued share capital of the Company immediately following the IPO.
Book-building is intended to commence later today following the expected publication of the Prospectus.
The Company is seeking to raise gross proceeds of £180 million through the issue of new Ordinary Shares.
The proceeds will be used primarily to pay down debt and to fund the Company's expected growth.
Simon Nixon is intending to sell approximately 60.3 million Ordinary Shares, representing approximately 18% of his holding of Ordinary Shares (at the midpoint of the price range).
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.
Simon Nixon and the senior managers will own a majority of the Ordinary Shares post IPO.
The executive directors (including Simon Nixon) and certain senior managers are subject to staggered lock-ups limiting the number of Ordinary Shares they may sell until the third anniversary of admission.
Duncan Cameron is intending to sell 22.5 million Ordinary Shares representing his entire shareholding.
Admission to the Official List of the FSA is expected to occur and unconditional dealings in the Ordinary Shares are expected to commence on or around 31 July 2007.
Following the expected publication of the Prospectus later today, the Global Offer will be made to employees, retail investors in the United Kingdom, Channel Islands and Isle of Man and to institutional investors in the United Kingdom and certain other jurisdictions.
Michael Wemms has joined the Board as the senior independent director.
Mr Wemms is a non-executive director of Coles Group Limited and Inchcape plc and was an executive director of Tesco plc between 1989 and 2000.
Credit Suisse has been appointed Sole Sponsor, Sole Global Co-ordinator and Bookrunner of the Global Offer.
Lehman Brothers International (Europe) and UBS Limited have been appointed Co-Lead Managers of the Global Offer.
Retail Offer Following publication of the Prospectus, which is expected to occur later today, retail investors in the United Kingdom, Channel Islands and the Isle of Man will be able to apply for Ordinary Shares in the Retail Offer.
Prospective investors should access the Moneysupermarket.com Share Offer website at www.moneysupermarket.com/shareoffer and follow the instructions on that website.
Prospective investors may either apply online directly through the Share Offer website, or by downloading an application form from this website and returning it, once signed and completed, together with payment to the Company's receiving agent, Capita Registrars Corporate Actions, PO Box 40, The Registry, 34 Beckenham Road, Beckenham, Kent, BR3 4YL.
Prospective investors who have requested that an application form be posted to them by mail will have this posted shortly after publication of the Prospectus and again, should return their completed signed application forms, together with payment, to the Company's receiving agent.
The contents of the Company's websites and the Share Offer website do not form part of this announcement.
The Retail Offer is scheduled to close on 24 July 2007.
Commenting on today's announcement, Simon Nixon, Chief Executive said: 'We are delighted to be announcing this next stage of our planned flotation.
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.'.
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