Hiving off os subssidiary...28 Jun 2010 08:43
Palmaris, the investment company with a 16.1% holding in Scottish Resources Group Limited, its sole remaining investment, is pleased to announce that SRG has this morning released an announcement of its intention to seek admission of its ordinary shares to the Official List of the UKLA and to trading on the main market of the London Stock Exchange by way of an initial public offer to institutional investors. SRG's announcement has been set out in full at the end of this announcement. Whether or not the IPO of SRG proceeds (and, if so, at what valuation) will be determined following an institutional marketing process, which is expected to complete in mid to late July. The Directors believe that SRG will be seeking to secure an equity valuation in excess of £220 million. If the IPO proceeds, then Palmaris may sell down most or all of its shareholding in SRG as part of that process. However, there can be no certainty that this will occur or, if it does occur, how many shares Palmaris will be able to sell in the IPO and at what price. PMS will become a very useful shell Co