Premier AM schedules AIM listing for 7 October

Queripel Partners, Electra and senior management entered lock-up agreement

Premier Asset Management has launched an initial public offering with the aim to begin trading on the listed AIM market on 7 October.

The group, which was reported to be planning an admission to trade on AIM in September, announced this morning its plans to issue 35,875,660 new and 12,381,916 existing ordinary shares at 132p per share, which will raise gross proceeds of approximately £63.7m. On admission, the company's existing shareholders will hold around 54.4% of the issued share capital. Within this, Queripel Partners will hold 33.2%, Electra Partners will hold around 8.1% and senior management will hold 13%. The statement said all parties above have entered into lock-up and orderly market arrangements. Th...