Companies queue for share floats

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THE RUSH to the stock market continued yesterday with several companies announcing details of flotation plans. London Capital Holdings' proposed listing next month was given a boost by an 8 per cent rise in the value of its West End property portfolio since December, writes Russell Hotten.

The former Randsworth Trust, wholly owned by Citibank since its collapse in 1992, said its central London shops and offices were worth pounds 244.8m last month, up from pounds 227m in December. Nigel Kempner, managing director, said the company would be raising pounds 15m, to give net assets of pounds 159m. Gearing will be about 50 per cent.

Shares in Vymura, the wall coverings group, are to be placed at 150p, valuing the company at pounds 38.6m. That represents a multiple of 14.5 times the 10.34p a share earned in the year to December, slightly below the pounds 40m expected.

Vymura, which was bought out from Imperial Chemical Industries by the management for pounds 14m in 1992, is raising pounds 10m.

Norcor, one of Britain's biggest makers of corrugated board, is planning to raise at least pounds 17m through its flotation later this month.

It was a managment buyout from Tarmac in 1989. Interest payments on the buyout debt were pounds 2.2m last year, more than half of the pounds 3.9m operating profits. Proceeds of the flotation will be used to repay the borrowings. Pre-tax profits rose 60 per cent to pounds 2.1m in 1993, on turnover 3.5 per cent higher at pounds 38.7m.

Shares in Capitol Group, the security group, have been priced at 125p valuing the company at pounds 11.5m. In the year to 31 March Capitol made operating profits of pounds 1m on turnover of pounds 6.6m.

EuroDollar, the car rental company, said it expected to float in the near future by way of a placing and public offer. It was a pounds 118m management buyout from TSB in 1993.