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Lamensdorf calls off flotation amid volatile markets

IFA Lamensdorf Group has called off its planned flotation on the alternative investment market, forcing it to renegotiate the group&#39s acquisition of Essential Mortgages.

The group was in the advanced stages of its flotation and had planned to list at the end of July until rollercoaster stockmarkets forced the company to postpone the deal until further notice.

Lamensdorf had been on the expansion and acquisition trail before to the planned float, merging with Maddison Monetary Management in March 2001 and buying Flexible Mortgages last December.

The acquisition of Essential Mortgages, agreed in February, was conditional on a successful flotation on Aim and would have brought a further 105 advisors under the group&#39s umbrella, which includes Lamensdorf IFA, Consulting, Asia and Mortgages.

The company says it will look at floating in the aut-umn, depending on the markets, but it admits it is unlikely that they will have picked up sufficiently and the Aim listing is more likely to be in spring 2003.

Lamensdorf Group chairman and chief executive Ken Newell says: “We were happy with the flotation earlier in the year when the FTSE was between 5,000 and 5,300. As we got ready for flotation at the end of June, the markets fell off a cliff. There is no public appetite for stocks under these conditions. We are in conversation with the directors of Essential Mortgages. There were time limits set on the agreement when it was agreed but we are working together closely.”

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