Moneysupermarket.com has revealed the price range for the proposed initial public offering (‘IPO’) of its Ordinary Shares which are intended to be admitted to the Official List of the FSA and to trading on the London Stock Exchange. The price range has been set at 170 pence to 210 pence per Ordinary Share. At the midpoint of the price range, the offer size will be approximately £388 million comprising approximately 204 million shares (before any exercise of the over-allotment option) representing approximately 41% of the enlarged issued share capital of the Company immediately following the IPO. Book-building is intended to commence later today following the expected publication of the Prospectus.
The Company is seeking to raise gross proceeds of £180 million through the issue of new Ordinary Shares. The proceeds will be used primarily to pay down debt and to fund the Company’s expected growth.
Simon Nixon is intending to sell approximately 60.3 million Ordinary Shares, representing approximately 18% of his holding of Ordinary Shares (at the midpoint of the price range). He has also granted Credit Suisse an over-allotment option in connection with the Global Offer which may result in the sale of up to 30.6 million additional Ordinary Shares.
The senior managers and certain current and former employees are selling approximately 26.5 million Ordinary Shares. Simon Nixon and the senior managers will own a majority of the Ordinary Shares post IPO. The executive directors (including Simon Nixon) and certain senior managers are subject to staggered lock-ups limiting the number of Ordinary Shares they may sell until the third anniversary of admission.
Duncan Cameron is intending to sell 22.5 million Ordinary Shares representing his entire shareholding.
Admission to the Official List of the FSA is expected to occur and unconditional dealings in the Ordinary Shares are expected to commence on or around 31 July 2007. Following the expected publication of the Prospectus later today, the Global Offer will be made to employees, retail investors in the United Kingdom, Channel Islands and Isle of Man and to institutional investors in the United Kingdom and certain other jurisdictions.
Michael Wemms has joined the Board as the senior independent director. Mr Wemms
is a non-executive director of Coles Group Limited and Inchcape plc and was an executive director of Tesco plc between 1989 and 2000.
Credit Suisse has been appointed Sole Sponsor, Sole Global Co-ordinator and Bookrunner of the Global Offer. Lehman Brothers International (Europe) and UBS Limited have been appointed Co-Lead Managers of the Global Offer.