Regus listing to net founder pounds 600m
In the proposed listing, which would value the company at about pounds 1bn, shares will be marketed solely to institutions and generate funds to underpin the firm's expansion, especially in the United States.
Under the plan, existing shareholders will retain their stakes, with potential investors offered new shares. The deal would cut Mr Dixon's current 82.5 per cent holding to about 60 per cent, worth about pounds 600m.
Peter Jenkins, the group finance director, said: "We've got strong cash flows ... but we would like to grow quicker, that is why we are seeking the listing." Regus says that it has taken leases on 59 new centres, which it will seek to open over the next 16 months. Between 1992 and the end of last month, it expanded from 11 centres in six countries to 211 centres in 42 countries.
Mr Jenkins said he expected to complete the listing by the middle of next month. Merrill Lynch International will act as sponsor, global co- ordinator and bookrunner on the deal. Deutsche Bank, which took an 8.75 per cent stake in Regus last August and Morgan Stanley International are joint lead managers to the offer.
Last year, Regus reported a pre-tax loss of pounds 9.2m (pounds 2.7m) on turnover of pounds 111.6m (pounds 58.8m) in 1997., up from pounds 58.8m in 1997.
Marylebone Warwick Balfour Group, the listed property group which runs 28 serviced-business centres in the UK, said that if the Regus float proved successful it would look at spinning off its own business-services division.
MWB's chief executive Richard Balfour-Lynn put the value of its centres at between pounds 100m and pounds 125m.
- 1 If these extraordinarily powerful images of a dead Syrian child washed up on a beach don't change Europe's attitude to refugees, what will?
- 2 Senior British politicians tell David Cameron: When dead children are being washed up on beaches – it's time to act
- 3 Make your voice heard: Sign The Independent's petition to welcome refugees
- 4 Refugee crisis: Aylan's life was full of fear - in death, he is part of 'humanity washed ashore'
- 5 German police forced to ask public to stop bringing donations for refugees arriving by train
Senior British politicians tell David Cameron: When dead children are being washed up on beaches – it's time to act
Jeremy Corbyn calls Osama bin Laden's killing a 'tragedy' - but was it taken out of context?
If these extraordinarily powerful images of a dead Syrian child washed up on a beach don't change Europe's attitude to refugees, what will?
Britain to take more refugees as Cameron bows to pressure after more than 100,000 back our campaign
If you're not already angry about the refugee crisis, here's a history lesson to remind you why you really should be
Theresa May says migrants should be banned from entering the UK unless they have jobs lined up
iJobs Money & Business
£20000 - £40000 per annum + OTE + Incentives + Benefits: SThree: Established f...
£20000 - £25000 per annum + OTE 40/45k + INCENTIVES + BENEFITS: SThree: The su...
£14000 - £16000 per annum: Recruitment Genius: This company was established in...
£20000 - £25000 per annum + OTE 40k: SThree: SThree are a global FTSE 250 busi...