Hogg Robinson prices IPO at 90p a share; Raises 180 mln stg on flotation UPDATE

Date : 10/09/2006 @ 3:46AM
Source : TFN
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Hogg Robinson prices IPO at 90p a share; Raises 180 mln stg on flotation UPDATE

(Adds CEO comment) LONDON (AFX) - Hogg Robinson PLC priced its initial public offering at 90 pence per share, giving the UK-based travel company a market capitalisation of 275 mln stg. Chief executive David Radcliffe said the company raised 180 mln stg from its flotation on the London Stock Exchange. "We are an acquisitive company," said Radcliffe, "and we will use part of the flotation capital to fund acquisitions." He added that the rest of the money would be used to reduce company debt of 130 mln, as well as reduce the pensions deficit to 45 mln. The offer comprises 200 mln new shares and over 44.44 mln existing shares, representing 80 pct of the company's enlarged issued ordinary share capital and implying an offer size of 220 mln stg. The shares have been placed with institutional investors. SVG Capital PLC, the main investor in private equity firm Permira, said Permira sold 44 pct of its stake in the company at the flotation. The value of the partial sale for SVG was 18 mln stg. On flotation, the value of SVG's remaining holding in the company will be 6.4 mln stg. Conditional dealings in the shares started today and unconditional dealings are expected to begin at 8.00 am on Thursday. aferguson@afxnews.com af/lam/af/wj/af/jc COPYRIGHT Copyright AFX News Limited 2006. All rights reserved. The copying, republication or redistribution of AFX News Content, including by framing or similar means, is expressly prohibited without the prior written consent of AFX News. AFX News and AFX Financial News Logo are registered trademarks of AFX News Limited


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