Feeds

Morse gears up for £300m stock market float

Listing to be completed within first half of the year

  • alert
  • submit to reddit

Top 5 reasons to deploy VMware with Tegile

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." ®

Beginner's guide to SSL certificates

Whitepapers

Why and how to choose the right cloud vendor
The benefits of cloud-based storage in your processes. Eliminate onsite, disk-based backup and archiving in favor of cloud-based data protection.
Getting started with customer-focused identity management
Learn why identity is a fundamental requirement to digital growth, and how without it there is no way to identify and engage customers in a meaningful way.
Reg Reader Research: SaaS based Email and Office Productivity Tools
Read this Reg reader report which provides advice and guidance for SMBs towards the use of SaaS based email and Office productivity tools.
The next step in data security
With recent increased privacy concerns and computers becoming more powerful, the chance of hackers being able to crack smaller-sized RSA keys increases.
Storage capacity and performance optimization at Mizuno USA
Mizuno USA turn to Tegile storage technology to solve both their SAN and backup issues.