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.
- 1 Keira Knightley topless: Usually conservative actress does own take on #Freethenipple campaign for Interview Magazine
- 2 Oil tanker with $100 million cargo goes missing off Texas coast
- 3 George Galloway left with severe bruising after attack in Notting Hill by man 'shouting about the Holocaust'
- 4 A teacher speaks out: 'I'm effectively being forced out of a career that I wanted to love'
- 5 Lady al-Qa’ida: On the trail of Dr Aafia Siddiqui, the world’s most wanted prisoner
YouTube video posted by Isis militants shows 'execution of 250 Syrian soldiers'
Keira Knightley topless: Usually conservative actress does own take on #Freethenipple campaign for Interview Magazine
Oil tanker with $100 million cargo goes missing off Texas coast
George Galloway left with severe bruising after attack in Notting Hill by man 'shouting about the Holocaust'
A teacher speaks out: 'I'm effectively being forced out of a career that I wanted to love'
Robin Williams Emmys tribute led by Billy Crystal criticised for including 'racist' joke about Muslim woman
The Rotherham child abuse scandal is a tale of apologists, misogyny and double standards
What do immigrants really think of Britain? Polish immigrant's Reddit post goes viral
Scottish independence TV debate: Pumped-up Alex Salmond bounces back in bruising second round against Alistair Darling
Do you realise just how foolish the UK looks?
With Douglas Carswell joining Ukip, my party has taken another giant step forward
- < Previous
- Next >
iJobs Money & Business
£35000 per annum: Harrington Starr: Network Engineer (CCNP, CCNA, Linux, OSPF,...
£50000 per annum: Harrington Starr: DevOps Engineer (Systems Administration, L...
£60000 - £70000 per annum: Harrington Starr: A prestigious leading professiona...
£50000 per annum: Harrington Starr: Financial Technical Consultant (C++, C#, F...