Crest Nicholson eyeing stock market return
Homebuilder sees a "gradual recovery" in the UK housing market
By CFOWorld.co.uk staff | CFO UK | Published 15:15, 21 January 13
Homebuilder Crest Nicholson is eyeing a return to the stock market after being delisted during the global financial crisis in 2007, chief executive Stephen Stone said on Monday.
Stone also said the firm was seeing a “gradual” recovery in the market as well as an "encouraging" pick-up in UK mortgage lending which had driven its own recovery. In a trading statement on Monday, Crest Nicholson reported a pre-tax profit of £62.1 million for the year to October 2012, after a £27 million loss in the corresponding cycle in 2011.
Stone said Crest Nicholson hopes to use the proceeds of initial public offering (IPO), projected to be in the region of £50 million, to repay its debt.
He added that current owners, which include majority owners US investment fund Varde Partners and institutional shareholder Deutsche Bank, also hope to sell £150 million of their existing shares.
The IPO is expected to be completed in February. A spokesperson told CFOWorld that the free float, i.e. shares available on offer, would be a minimum of 35 percent of the issued share capital of Crest Nicholson.
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