Plusnet Floats Into AIM Admission
Posted: 08th Jul, 2004 By: MarkJ
The Sheffield based UK ISP Plusnet will be officially joining the AIM stock market on 14th July 2004, which will result in the placing of 13,910,219 ordinary shares at 90p each (£25.1m market capitalisation):
Admission to trading on AIM
PlusNet plc ("PlusNet" or the "Company") announces that trading in the Company's shares is expected to commence on 14 July 2004 on the Alternative Investment Market of the London Stock Exchange ("AIM") under the trading symbol "PNT.L".
Key information on PlusNet
* PlusNet is a profitable and rapidly growing Internet Service Provider ("ISP") focusing on Broadband services together with related products and services to residential and business customers in the UK.
* The Company has a low-cost operating model, based on a flexible and scalable self-developed operating system, which allows the Company to offer high-quality products and services at competitive prices.
* PlusNet has also developed a close working relationship with BT whereby PlusNet offers managed Broadband services to BT, which are in turn offered by BT to its corporate customers.
* As at 31 May 2004, the Company had approximately 180,000 customers of which approximately 64,000 were Broadband customers.
* The Company is listing on AIM to take advantage of the growth opportunities associated with the Broadband market as well as to act as a consolidator within its industry.
* For the year ended 31 December 2003, PlusNet had revenues of £17.4 million and operating profit of £1.8 million.
The placing comprises a total of 13,910,219 ordinary shares placed with institutions and other investors by Robert W. Baird Limited at a price of 90p per share. The placing is raising a total of £12.5 million before expenses, of which £2.2 million (gross of expenses) is being raised for the Company. A total of 27,900,102 shares will be in issue following the placing which, at 90p per share, will result in a market capitalisation of approximately £25.1 million.
Lee Strafford, Chief Executive, commenting on PlusNet's IPO said: "The positive response from investors is a clear endorsement of PlusNet's position as a leading Broadband service provider in the UK.
The flotation will also help raise the profile and awareness of PlusNet amongst potential customers and will help us to attract, retain and motivate employees. We have an excellent platform from which to grow rapidly as we look to become the Broadband provider of choice for the experienced Internet user in the UK.
We look forward to our new life as an AIM company and to building shareholder value."
Robert W. Baird Limited is the Company's Nominated Adviser and Nominated Broker.
Admission to trading on AIM
PlusNet plc ("PlusNet" or the "Company") announces that trading in the Company's shares is expected to commence on 14 July 2004 on the Alternative Investment Market of the London Stock Exchange ("AIM") under the trading symbol "PNT.L".
Key information on PlusNet
* PlusNet is a profitable and rapidly growing Internet Service Provider ("ISP") focusing on Broadband services together with related products and services to residential and business customers in the UK.
* The Company has a low-cost operating model, based on a flexible and scalable self-developed operating system, which allows the Company to offer high-quality products and services at competitive prices.
* PlusNet has also developed a close working relationship with BT whereby PlusNet offers managed Broadband services to BT, which are in turn offered by BT to its corporate customers.
* As at 31 May 2004, the Company had approximately 180,000 customers of which approximately 64,000 were Broadband customers.
* The Company is listing on AIM to take advantage of the growth opportunities associated with the Broadband market as well as to act as a consolidator within its industry.
* For the year ended 31 December 2003, PlusNet had revenues of £17.4 million and operating profit of £1.8 million.
The placing comprises a total of 13,910,219 ordinary shares placed with institutions and other investors by Robert W. Baird Limited at a price of 90p per share. The placing is raising a total of £12.5 million before expenses, of which £2.2 million (gross of expenses) is being raised for the Company. A total of 27,900,102 shares will be in issue following the placing which, at 90p per share, will result in a market capitalisation of approximately £25.1 million.
Lee Strafford, Chief Executive, commenting on PlusNet's IPO said: "The positive response from investors is a clear endorsement of PlusNet's position as a leading Broadband service provider in the UK.
The flotation will also help raise the profile and awareness of PlusNet amongst potential customers and will help us to attract, retain and motivate employees. We have an excellent platform from which to grow rapidly as we look to become the Broadband provider of choice for the experienced Internet user in the UK.
We look forward to our new life as an AIM company and to building shareholder value."
Robert W. Baird Limited is the Company's Nominated Adviser and Nominated Broker.
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