Woodford Investment Management, the new fund group set up by veteran fund manager Neil Woodford, is set to back the flotation of breakdown recovery service the AA.
According to reports, Woodford is set to make a ‘material' commitment to the £1.4bn IPO of the company, which confirmed plans to float on the London Stock Exchange, as well as a management buy-in, last week. Woodford's former employer Invesco Perpetual is also expected to make an allocation, alongside other rivals such as Aviva Investors, BlackRock and J.P. Morgan Asset Management, Sky News reports. AA's parent company Acromas announced listing plans last Friday and is expected to make its public debut by the end of the month. The recovery service has been burdened with £3bn of deb...
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