Eddie Stobart Logistics AIM Flotation
Stobart Group will realise a tidy sum from the flotation of Eddie Stobart on the London Stock Exchange AIM, which is expected to occur on 25 April 2017.
Their 49% stake in the company has a current book value of £54.7m and at the issue price of 160p they will receive £113.1m in cash and a retained shareholding of £71.5m (representing a 12.5% share of Eddie Stobart's share capital on admission to AIM). Stobart Group say that part of the cash proceeds will be used to "... increase the scope for adding value to the Group's other businesses through selective investment." The Stobart Group board will consider the best use of the cash proceeds and will provide an update in the Group's annual results announcement on 11 May 2107.