Feeds

Morse gears up for £300m stock market float

Listing to be completed within first half of the year

  • alert
  • submit to reddit

Intelligent flash storage arrays

Morse Holdings, the parent company of Morse Group is to float on the London Stock Exchange. The flotation is expected to give Morse a market capitalisation in the region of £300 million. The initial offering will be valued at around £200 million, £70 million of which will be new money raised for the company. The remaining £130 million will be made up of shares sold by existing share owners. Morse is 75 per cent owned by venture capitalists (3i has a 55 per cent stake, and PPM Ventures has 20 per cent). Its executive directors own 12 per cent, senior management own six per cent and the company’s staff have a stake of two per cent. The remaining founders of Morse, Nick Read and Richard Styles, retain five per cent between them. The bulk of the offer is expected to be made up of shares currently held by the venture capitalists. There is a plan for an employee share offer, as the offer will not be a public one. Morse Holdings has appointed Richard Lapthorne as non-executive chairman of the company. Lapthorne is also a non-executive director of Orange Telecommunications and Robert Fleming Holdings. He was described by a Morse representative as "a steady and experienced hand on the tiller" for the float. Morse Group marketing director, Mark Byatt, said the float would help the company boost its services offering and enable it to expand further into Europe. Currently, Morse has a division in Germany and is believed to be considering a move into France. "There are immense opportunities in this market," he said. "The trick is to focus on them." Rumours that Morse was planning to float began to circulate last year, when the company was given a speculative value of around £600 million. These stories were refuted by a source close to the company who said they were "pie in the sky figures." ®

Top 5 reasons to deploy VMware with Tegile

More from The Register

next story
Scrapping the Human Rights Act: What about privacy and freedom of expression?
Justice minister's attack to destroy ability to challenge state
WHY did Sunday Mirror stoop to slurping selfies for smut sting?
Tabloid splashes, MP resigns - but there's a BIG copyright issue here
Google hits back at 'Dear Rupert' over search dominance claims
Choc Factory sniffs: 'We're not pirate-lovers - also, you publish The Sun'
EU to accuse Ireland of giving Apple an overly peachy tax deal – report
Probe expected to say single-digit rate was unlawful
Inequality increasing? BOLLOCKS! You heard me: 'Screw the 1%'
There's morality and then there's economics ...
Hey Brit taxpayers. You just spent £4m on Central London ‘innovation playground’
Catapult me a Mojito, I feel an Digital Innovation coming on
While you queued for an iPhone 6, Apple's Cook sold shares worth $35m
Right before the stock took a 3.8% dive amid bent and broken mobe drama
EU probes Google’s Android omerta again: Talk now, or else
Spill those Android secrets, or we’ll fine you
prev story

Whitepapers

A strategic approach to identity relationship management
ForgeRock commissioned Forrester to evaluate companies’ IAM practices and requirements when it comes to customer-facing scenarios versus employee-facing ones.
Storage capacity and performance optimization at Mizuno USA
Mizuno USA turn to Tegile storage technology to solve both their SAN and backup issues.
High Performance for All
While HPC is not new, it has traditionally been seen as a specialist area – is it now geared up to meet more mainstream requirements?
Beginner's guide to SSL certificates
De-mystify the technology involved and give you the information you need to make the best decision when considering your online security options.
Security for virtualized datacentres
Legacy security solutions are inefficient due to the architectural differences between physical and virtual environments.