Pearl prepares to float
Share
Pearl Group has invited its warrant holders to make an exchange for shares in the group as it sets to float on the London Stock Exchange.
The group, which was sold to Dutch acquisition vehicle Liberty International in June, has undergone a huge debt restructure and is now preparing to float by offering 33 million warrants for shares. Each new share will be worth around 5 warrants.
Pearl says: “These actions represent an important step towards being able to meet the strategic goal to achieve simplification of its capital structure.”
During the summer, Liberty injected as much as £510m into Pearl and restructured its balance sheet to reduce its liabilities by around £560m.
The exchange invitation ends on December 30. The group is currently listed on the Dutch exchange but will move over to London at some point in 2010.
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