Begbies Traynor flotation date revealed
Begbies Traynor will finally float on the Alternative Investment Market tomorrow (Friday), three months - and three delays - after it originally announced the move.
Link: Begbies flotation delayed for holiday season
A short statement said: ‘Begbies Traynor Group plc, the UK’s leading independent insolvency, corporate rescue and recovery specialist, announces that the Company’s shares will be admitted to London’s Alternative Investment Market (AIM) on Friday 1 October 2004. Its ticker symbol will be BEG.’
The UK’s biggest specialist insolvency and corporate recovery practice had originally planned to float in July.
But while it turns over a new leaf in its history tomorrow others will be turning over their calendars for the beginning of October.
Since the original July date was announced, the firm has claimed it would float in August and the middle of September. However, this time it looks certain to carry through.
A statement released at the time of the first delay read: ‘The Board has decided to defer the Admission of the Company to London’s Alternative Investment Market until after the holiday season.’
‘Although an acceptable level of demand has been secured to date, a number of key investors have asked for a longer period to allow them to reach an investment decision. Since the flotation of the company is not time critical, those requests have been accommodated.’
Begbies said it was ‘prepared to accept’ up to £12m from the flotation, but added that its core growth objectives could be achieved with considerably smaller sums.