View more on these topics

SimplyBiz enters Aim market at 170p a share

File image of graph showing stocks and share prices rise and fallSupport service provider SimplyBiz has completed its listing on the London Stock Exchange.

SimplyBiz, which also offers its own range of funds and panel services to providers, issued its entire share capital to the Aim market at 8am today.

With a placing price of 170p per share, the firm has achieved a market capitalisation of around £130m. As of 8.20am, the price was down to 163p per share.

According to listing documents, the £26m in new money raised through the float will be used to pay down debt and support further growth including through acquisition.

The document notes that an IPO would also “provide for Ken Davy, the group’s chairman and current majority owner, and other selling shareholders to sell down all or part of their respective holdings.”

Davy will continue to hold around 40 per cent of the shares after listing.

Joint chief executives Neil Stevens and Matt Timmins, along with chief operations officer Sarah Turvey and compliance director Gary Kershaw were set to subscribe to a management incentive plan, with a special class of shares to encourage them to stay with the company.

A number of shareholders have entered into lock-in agreements including those in the management incentive plan.

Other employees will also be able to buy shares in the company as part of an incentive scheme.

Initially, reports had suggested valuations could reach as high as £155m, with £30m of new capital raised.

Recommended

Gender-Differences-Man-Woman-Inequality.jpg
1

SJP reveals 47 per cent gender pay gap

St James’s Place has revealed that its male employees are paid 47.2 per cent more than its female staff – one of the largest gender pay gaps reported by a firm operating in the investment sector. The wealth manager also revealed that women received bonuses 80 per cent lower than men on average. In SJP’s report it […]

Trott
1

Claire Trott: How Scottish tax reform impacts pensions

New income tax rates are causing discrepancies between pension schemes Changes to taxation in Scotland is having an impact on many cross-border issues, and pensions have not escaped unscathed. Not only are administrators having to record and report their Scottish members but we now have greater disparity on the tax relief front. Pensions and property […]

12

FCA: Customers do not listen to drawdown information

Customers are going into non-advised drawdown regardless of the options communicated to them, according to the findings of a review by the FCA published today. The regulator assessed a sample of non-advised drawdown sales by firms covering approximately 74 per cent of the market by sales volume for the period from April 2015 to April […]

Insurance - thumbnail

Life! It’s a risky business

By Denise Wond, Marketing Relationship Manager There’s no avoiding the fact that life can be a risky business. You have only to tune into news reports to see how easily, and unexpectedly, life can be turned upside down. In my experience, the older I get the more often I come face to face with those […]

Newsletter

News and expert analysis straight to your inbox

Sign up

Comments

    Leave a comment