Virgin Money Delays Float Amid Market Chaos

Written By Unknown on Jumat, 17 Oktober 2014 | 18.56

By Mark Kleinman, City Editor

Virgin Money is extending the timetable for its £2bn stock market listing because of market volatility which has prompted the collapse of several high-profile City deals.

Confirming a report by Sky News the bank, which is part-owned by Sir Richard Branson's Virgin Group, issued a statement on Friday saying that it will delay a plan to sell shares on the London Stock Exchange until after the end of this month.

"Virgin Money continues to progress its plan for an initial public offering, mindful of market conditions. It now expects admission to occur later than October 2014 and as soon as constructive market conditions allow," the company said.

Its chief executive, Jayne-Anne Gadhia, said:

"Virgin Money continues to perform strongly and we remain focused on delivering a successful initial public offering as soon as market conditions allow."

In a statement issued on 2 October, Virgin Money had said that it expected admission of its shares to the London market to take place before the end of October.

Sources insisted that the plan to raise £150m by selling shares in the company was still on track to take place following positive initial discussions with potential investors.

Earlier this week, Aldermore, another so-called challenger bank, said it was abandoning its flotation because of the tough equity market conditions which have seen the FTSE-100 have its worst week for many months.

Scotland's rejection of independence in last month's referendum and Virgin Money's strong recent trading had persuaded the bank's board to press ahead with a flotation this year, rather than waiting until 2015.

Virgin Group and WL Ross, a US-based investment vehicle, collectively own just over 90% of the bank, plan to educe their stakes in order to comply with listing authorities' requirements relating to the number of shares which must be freely floated.

Virgin Money declined to comment.


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