Intermediary offer brings Wetherspoon to market
Friday 09 October 1992
Intermediary offers are designed to improve the post-flotation trading of shares. They ensure that a large part of the equity is broken up into small parcels.
Today's is the second such offer this week. On Tuesday Trinity Holdings, maker of Dennis vehicles, announced similar plans.
A pathfinder prospectus for Wetherspoon's flotation has been issued by Kleinwort Benson, the merchant bank.
Most of the key financial details are being kept secret for another fortnight, but the offer will raise about pounds 24m and will value Wetherspoon at more than pounds 40m.
The company has 44 pubs, mainly in London, but needs cash to develop another 18 sites. Most of its pubs are converted shops or car showrooms and cost, on average, pounds 500,000 to alter.
Tim Martin, Wetherspoon's founder, will own about 25 per cent of the company after flotation. However, it will lose Scottish & Newcastle as a shareholder. The brewer is selling its 17 per cent stake, bought at pounds 12 a share.
Returning to the stage after 20 years makes actress feel 'nauseous'
Top conservatoire offers ‘groundbreaking’ arts degree
- 1 Scottish independence: Ireland since 1919 is a lesson for Scotland in what a Yes vote means
- 2 A bottle of wine a day is not bad for you and abstaining is worse than drinking, scientist claims
- 3 Grandmas keep accidentally tagging themselves as Grandmaster Flash on Facebook
- 5 Kanye West halts concert after two fans don't stand up - doesn't realise one is in wheelchair and the other disabled
Islamic State: Pope is 'being targeted by Isis', Iraqi ambassador to the Holy See warns
Jennifer Lawrence and Kate Upton nude pictures exhibition cancelled after artist concedes photos were 'stolen property'
Scottish independence referendum: A nation divided against itself
John Travolta addresses former pilot's gay romance allegations publicly for the first time: 'That was the lowest I'd ever felt'
Richard III: Two years after his body was found scientists discover how he died
Daniele Watts: Django Unchained actress detained by Los Angeles police after being mistaken for a prostitute
The political class is doing what Hitler couldn’t – destroying Britain
Scottish independence: Nationalist leader Jim Sillars threatens pro-union companies with 'day of reckoning' after independence
Scottish independence: Yes campaign feels the heat as Alex Salmond's NHS claims come under furious attack
Portuguese academic says British are 'filthy, violent and drunk'
£23m Birmingham cycle scheme is attacked by Tory councillor for not catering to the elderly
iJobs Money & Business
£20000 - £25000 per annum + OTE £35,000 first year: SThree: The SThree group i...
£20 - 24k (Uncapped Commission - £35k Year 1 OTE): Guru Careers: We are seekin...
£20 - 24k + Benefits: Guru Careers: This is a great opportunity for an enthusi...
£280 - £320 per day: Ashdown Group: The Ashdown Group have been engaged by a l...