Aldemore cancels LSE float plans
Aldermore, the UK challenger bank, has pulled its £800m flotation after recent drops in investor confidence meant it was unable to sell enough shares.
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In a stock exchange announcement, the bank's board and major shareholders blamed "the recent deterioration of global equity markets" for the decision.
The company, owned by the private equity group AnaCap, was expected to have begun trading on the 17th, and hoped to raise around £75m in capital from the launch.
Aldermore has around £4bn in loans outstanding, and reported pre-tax profits of £18.6m for the half-year to 30 June, up from £5.3m a year earlier.
The bank today said:
"Due to the recent deterioration of global equity markets, Aldermore's Board and Shareholders have elected not to proceed at this time with the initial public offering of Aldermore."
"Aldermore continues to perform strongly, with excellent organic loan growth and a proven track record of delivery through its modern, digital platform."
"AnaCap, as a long term investor, will continue to support the next phase of its development."
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