The Financial Week Ahead - Newswatch: Conder in float bid.
Michael Killingley, former senior partner at KPMG, will next week lead environmental engineering group Conder onto the junior London market in his role as non-executive chairman, writes Jerry Frank.
The demerged environmental division of the Isle of Wight bus and transport group, Southern Vectis, goes to market as a separate entity capitalised at £7.4m in a bid to raise £3.37m with shares prices at 20p each. Following the demerger, Southern Vectis will continue to be quoted on AIM and operate the transport division, and Southern Vectis shareholders will hold an equivalent number of ordinary shares in Conder Environmental.
In September Southern Vectis announced plans to demerge the Conder Environmental business, which it acquired from Christian Salvesen in 1995 as Vikoma, a market leader in the international market for oil slick clean-up products.
An upturn in sales following a two year slump in the oil markets came on the back of a redirection of sales strategy from large contracts to smaller orders.
An extraordinary general meeting of Southern Vectis was due on Friday.
Killingley qualified as a chartered accountant in 1974, and was appointed senior partner at KPMG in 1988 – leaving in 1998. FD Alan Bemment, 52, is a management accountant, who worked for Vickers where he was FD of its aerospace division, and previously worked as divisional finance director for the company’s environmental arm.