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.
Share:Facebook Twitter Google Plus Stumble Upon Reddit Share This Email this article
Working capital improvements start to pay off, but more could be donemore ..
Amazon today slashed the price of its three-month-old Fire Phone to 99 cents, an obvious bid to boost slow sales.more ..
App use grows by 162 percent during World Cup periodmore ..
The acquisition aims to boost Samsung's business-to-business mobile offeringsmore ..
Outdated finance processes, systems and competencies leave too many questions unansweredmore ..
CFOs are keen for the chancellor to avoid any uncertaintymore ..