Revered stockbroker reveals listing plan
Cazenove, one of the City of London's leading and most revered stockbroking firms, said it plans to list on the London Stock exchange in 2002, raising approximately £1.5bn in the flotation.
The firm, reputed for its blue-blood partnership and blue-chip client-base, specialises in advising on mergers and acquisitions.
Going public will enable Cazenove to offer employees a stock option plan. Proceeds from the listing will be put towards expansion in continental Europe.
Cazenove will initially place 10% of its capital with investors prior to listing and 20% with employees who are not partners in the firm. P>’Looking forward we can grow the business further and faster for the benefit of clients and employees alike.’
Chairman designate David Mayhew, said: ‘Incorporation will give us ability to widen the ownership of the firm among existing employees and to attract top talent.’
Cazenove has been in existence for 177 years and advised high profile mergers, including BP Amoco and Glaxo Wellcome SmithKline Beecham. It acts on behalf of 50 FTSE companies, 75 FTSE-250 companies and 156 smaller quoted companies.
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