Virgin delays LSE float plans
Virgin has today announced a delay on its planned float on the London Stock Exchange following a recent slump in global equity markets.
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On 2 October, Virgin Money announced that it would apply for the admission of its Ordinary Shares to the premium listing segment of the Official List and to trading on the main market for listed securities of the London Stock Exchange.
The Company announced that its offer of new Ordinary Shares was expected to raise gross proceeds of approximately £150 million, and that it expected that admission would take place in October 2014.
Virgin Money stated that it "continues to progress its plan for an initial public offering, mindful of market conditions". It now expects admission to occur later than October 2014 and as soon as constructive market conditions allow.
Jayne-Anne Gadhia, Chief Executive Officer said:
“Virgin Money continues to perform strongly and we remain focused on delivering a successful initial public offering as soon as market conditions allow.”
Earlier in the week, Aldermore pulled its £800m flotation after recent drops in investor confidence meant it was unable to sell enough shares.
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