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Premier Asset Management set for London IPO after £63.7mln share sale

Tuesday, October 4, 2016 4:49
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Premier Asset Management are due to start trading on London’s AIM market this Friday following a £63.7mln share sale.

The fund manager that focusses on retail investors is valued at just under £140mln though the IPO process.

New shareholders will own 45.6% of the company following the AIM float.

Premier, described as a “fast-growing and profitable UK retail asset management group”, intends to start paying quarterly dividends during the 2017 financial year.

A combination of new and existing equity is being sold in the IPO.

Some £47mln of the IPO proceeds will be banked by Premier, though a portion of the cash will repay preference shares held by its private equity backer Electra Partners.

Electra, which is also selling a portion of its holding in the IPO, will receive a total of £36mln – a mix of proceeds from the share sale as well as Premier’s preference share redemptions – and it will retain an 8.1% equity stake in the listed company.

A further 33.2% of Premier’s shares are held by Queripel Partners.

Electra, Queripel and certain members of the senior management team have agreed to ‘lock-up’ arrangements that will prevent further selling of shares for a fixed period.

In a separate statement, Electra said its remaining stake in Premier would be worth at £10mln and it was subject to a six month lock-up. It added that as a result of the IPO it had seen a 39%, £13mln, uplift in the value of its stake in Premier Asset Management since March 31.

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