(Alliance News) - Foresight Group Holdings Ltd said Tuesday its entire share capital has started trading in London.
Foresight noted that unconditional dealings of its shares began last Tuesday, and conditional trading started on Thursday but its entire issued ordinary share capital - consisting of 108.3 million shares - was admitted to the premium listing segment of London's Main Market on Tuesday.
Its initial public offering, priced at 420 pence, consisted of the issue of 8.3 million shares, raising GBP35 million and the sale of 45.7 million shares from existing shareholders, netting GBP192 million - giving it a market value of GBP455 million.
Foresight shares were trading at 457.48p in London on Tuesday morning.
Foresight Group is a Guernsey-headquartered infrastructure and private equity investment manager that operates through two segments: Foresight Infrastructure, which is focused on renewable energy and infrastructure, and Foresight Private Equity.
Foresight already has several funds and trusts under its management that are listed in London, including Foresight Solar Fund Ltd, Foresight Solar & Technology VCT PLC, Foresight VCT PLC and Foresight VCT 4 PLC.
It first said it was mulling a London float in early-January, before confirming plans to pursue a listing a week later.
As at September 30, Foresight Group had assets under management of GBP6.8 billion, as well as managed 292 infrastructure assets and 104 private equity investments on behalf of 33 Foresight investment vehicles.
Foresight Executive Chair Bernard Fairman holds a 30% stake in Foresight Group Holdings after the trust's listing and, as part of the IPO, Senior Independent Director Alison Hutchinson acquired 5,952 shares in the trust at GBP4.20, and both Non-Executive Director Geoffrey Gavey and Non-Executive Director Michael Liston bought 11,904 shares at the same price.
By Paul McGowan; paulmcgowan@alliancenews.com
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