Lloyd's List Publishing confirms float plans

LLOYD'S List Publishing (LLP), which owns the world's oldest daily newspaper, yesterday confirmed plans to come to market.

The flotation of the former publishing arm of the Lloyd's of London insurance market will see four directors enter the ranks of media millionaires and give hundreds of employees a share bonanza.

Shares in LLP have been priced at 285p, valuing the group at pounds 137.5m, far higher than estimates of pounds 125m and the pounds 82.5m group's management paid for the business in 1995.

David Gilbertson, chief executive and former editor of Lloyd's List, is selling shares worth pounds 456,000 in the flotation and will retain a stake worth pounds 1.4m. Stuart Wallis, the chairman of LLP, who has already amassed a fortune from the sale of the pharmaceuticals group Fisons and who used to supply print for Lloyd's List, will own shares worth pounds 1.8m. Peter Miller, finance director, and deputy chairman Ian Lindsay-Smith will become paper millionaires.

LLP is due to start trading on 17 April.

Investment column, page 22