Mortgage Advice Bureau lines up AIM flotation
Derby's Mortgage Advice Bureau has announced its intention to float on the London Stock Exchange's junior market.
The UK network for mortgage intermediaries has more than 600 advisers and arranges approximately £8bn of mortgages a year, according to its website.
The statement on the stock exchange does not contain any financial information or the timing of the IPO.
However, it will involve a 45 per cent free float and a placing of existing ordinary shares to institutional and professional investors. Mortgage Advice Bureau said it was not seeking to raise any new capital on admission.
Mortgage Advice Bureau's board will be made up of six directors after admission: chief executive Peter Brodnicki; chief operating officer David Preece; and finance director Paul Robinson; with Nathan Imlach, Richard Verdin and Katherine Innes Ker all serving as three non-executive directors.
Ker, who was ousted as chairman of listed carpet manufacturer Victoria in a boardroom coup in 2012, will be non-executive chairman.
Canaccord Genuity is acting as nominated adviser and broker to the company.