Return of APR to be announced today
The imminent return to the stock market of APR Energy, the temporary power company bought earlier this year by entrepreneur Hugh Osmond, will be announced today.
Mr Osmond revealed in June that Horizon, the shell company he set up to scout for investment opportunities, would buy APR for about $855m (£530m). APR's shares were suspended, but will be readmitted to the London Stock Exchange on 15 September.
APR will hold a series of analyst presentations in the run up to the relisting so that investors can place a value on the shares when they resume trading. Based on the company's recent performance, it could achieve a market capitalisation of £1bn or more.
The company is the world's second-largest temporary power supplier, behind Britain's Aggreko, and has grown rapidly. However, expansion was held back by a shortage of capital, which is why its management agreed to a reverse takeover by Horizon.
Horizon's owners will own 59 per cent of APR, alongside a number of significant minority shareholders.
They include George Soros's Quantum Strategic Partners and Albright Capital Management, the investment business of the former US Secretary of State Madeleine Albright. They will own 14 and 13 per cent of APR respectively. APR's management will own 12 per cent of the business, led by its founders, John Campion and Laurence Anderson. Mr Campion said the deal, which will swell the company's cash by about $275m, was crucial to his expansion plans. "In many regions across the globe, there is a substantial, structural shortage of electricity, which results in damaging power cuts and constrains economic growth," he said. APR is the latest in a series of business ventures by Mr Osmond which have spanned Pizza Express, Punch Taverns and Pearl Insurance.
- 1 Forget 'The Dress': Here are five of the biggest news stories you might have missed
- 2 The black and blue dress: Makers considering a white and gold version
- 3 PornHub turns masturbation into energy in bid to save the planet
- 4 The remarkable archaeological underwater discovery that could open up a new chapter in the study of European and British prehistory
- 5 MH370: 'Putin ordered plane to be flown to Kazakhstan space port,' conspiracy theory claims
Boris Nemtsov shot dead: Outspoken Putin critic who had expressed fears for his life is killed near the Kremlin
PornHub turns masturbation into energy in bid to save the planet
Ukraine crisis: Top Chinese diplomat backs Putin, says West should 'abandon zero-sum mentality'
White and gold or blue and black – what colour is the dress? An eyewitness gives a definitive answer
Saudi Muslim cleric claims the Earth is 'stationary' and the sun rotates around it
New theory could prove how life began and disprove God
Half of Ukip voters say they are prejudiced against people of other races
This is what it's like to be dead, according to a guy who died for a bit
'Cash for access' scandal: Sir Malcolm Rifkind says 'unrealistic' for MPs to live on £67,000 salary
'Jihadi John': CAGE representative storms off Sky News accusing Kay Burley of Islamophobia
Aqsa Mahmood branded a 'disgrace' by her parents after claims she recruited three UK girls flying to Middle East
iJobs Money & Business
£40000 - £50000 per annum + pro rata: SThree: SThree Group have been well esta...
£30000 - £37000 per annum: Recruitment Genius: Established in 1999, a highly r...
£250-£300 Day Rate: Jemma Gent: Are you a qualified accountant with strong exp...
£230 - £260 Day Rate: Jemma Gent: Do you want to stamp your footprint in histo...