Asia boosts Avocet to a pounds 70m float
Tuesday 01 September 1998
Avocet Hardware, which sells window and door handles with multiple bolts, gained a substantial advantage from the devaluing of currencies last year in Asia, where more than half of its products are made.
The group, which has been planning a listing for 12 months, said it would float later this year through a placing with fund managers so long as there is sufficient appetite for small company equities.
David Kent, chief executive, said: "Clearly what has happened in the market hasn't been helpful. It was beginning to improve [for small cap stocks] but it's only in the last few weeks that the index has gone down.
"But we are not giving up."
Twenty-five senior executives of Avocet stand to share at least pounds 10.5m in the shape of a 15 per cent stake in the company. This will rise to 25 per cent, or over pounds 17.5m, depending on the company's performance.
Mr Kent owns over half of the management stake.
Avocet had planned to go public in 1992, but was bought instead by Sheffield Insulation Group, the insulation tiles company. In March last year, NatWest Markets and 3i led a leveraged management buyout with a view to going public this year.
A placing would help reduce big interest payments stemming from the MBO and give Avocet better cash flow which is needed for a planned expansion into Europe.
But the group said it needed "a decent multiple" to make the flotation work.
- 1 The political parties aren't all the same – which means 2015 will be a 'big-choice' election
- 2 President of Argentina adopts Jewish godson to 'stop him turning into a werewolf'
- 3 ALS ice bucket challenge co-founder Corey Griffin drowns, aged 27
- 4 The 'Black Museum': After 150 years, public set to see exhibits from police’s grisly crime museum
President of Argentina adopts Jewish godson to 'stop him turning into a werewolf'
Exclusive: Abusers using spyware apps to monitor partners reaches 'epidemic proportions'
ALS ice bucket challenge co-founder Corey Griffin drowns, aged 27
UK weather: Warning for more snow and ice as freezing temperatures and gales hit Britain
Three killed at South Korean nuclear reactor days after hackers target country's atomic agency
British actor Idris Elba cannot star as James Bond because he is black, says shock jock Rush Limbaugh
Ukip member gets into Christmas spirit with Union Flag plea to Santa 'for our country back'
Germany anti-Islam protests: 17,000 march on Dresden against 'Islamification of the West'
Immigrants make UK racist, says Ukip councillor Trevor Shonk
BBC director Danny Cohen: Rising UK antisemitism makes me feel more uncomfortable than ever
Katie Hopkins speaks out on childhood obesity: 'Parents of fat children should be prosecuted for child cruelty'
iJobs Money & Business
Not specified: Selby Jennings: VP/SVP Credit Quant Top tier investment bank i...
Not specified: Selby Jennings: Quantitative Research | Global Equity | New Yor...
Not specified: Selby Jennings: SVP Model Validation This top tiered investment...
Highly Competitive: Selby Jennings: Our client, a leading European Oil trading...