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Kensington selling £100m in shares

Kensington Mortgage Company is floating a tranche of shares in the firm

which is expected to raise £100m.

US-based Ocwen, which owns a third of the company, is leaving the market.

Company chief executive Martin Finegold is not selling any personal

shares. But rumours persist this is the first stage in the firm&#39s eventual

disposal of the company he established in 1994.

One sector insider says: “This is the first step in Mar-tin selling off

the whole business. He wants to concentrate on IFonline.”

However, it seems that Finegold wants to grow the business before making

any eventual sale.

This move is seen as an opportunity for the company to boost its liquidity

to help with an expansion of thebusiness.

Kensington has lent a total of £1.4bn since it was established, with £1bn

of the total being securitised.

Consultants Schroder and Salomon Smith Barney advised on the share issue.

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