View from City Road: EuroDollar deserves better weather

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The Independent Online
The markets won't half be glad when the on-off EuroDollar float (now on again) is either off once more or out of the way.

The first attempt, on Monday, was scuppered by a severe fall in the market. Fate has not been kind to EuroDollar, a good, solid company that deserves a better wind. Barely had Warburg Securities plucked up the courage to have another stab at it when equities slumped again. The market is now lower than when the float was pulled first time round.

As always, both company and adviser were putting a brave face on it, and eventually they managed to get the issue away - but only, as with Redrow in March, at a much lower price than hoped for.

The whole exercise was hardly helped by the fact that the right hand seemed blissfully ignorant of what the left was up to. Although the float was officially shelved on Tuesday, advertisements continued to appear in the press on Thursday and the application hotline remained stoically open all week. Not all yesterday's red faces could be blamed on the worryingly seasonal weather.

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