Eddie Stobart Logistics has confirmed it will list on the Alternative Investment Market (AIM) next week on 25 April at 8am, a move that will see former owner Stobart Group slash its holding in the haulier and pocket £113.1m.
In an admission document published today, Eddie Stobart Logistics stated it would issue 357,918,800 ordinary shares of 1p each to be admitted comprising 276,668,800 existing ordinary shares as well as 81,250,000 new ordinary shares, issued at a price of £1.60.
The company said it anticipated its market capitalisation at this point would be £572.7m, with £122m of these gross proceeds going to the company to fund operations and growth, including acquisitions.
Post admission, two-thirds of the company (65.8%) will be owned by five shareholders. This includes Greenwhitestar Holding Company 2, which currently has a 51% controlling stake in the business and is the holding company for funds managed by DouglasBay Capital, but will reduce its stake to 30%.
The other significant shareholders (excluding Stobart Group) will be Woodford Asset Management (19.9%); AXA Investment Managers UK (7%); Invesco Asset Management (5.1%); and Schroders Investment Management (3.8%).
Stobart Group to retain stake
Stobart Group, which spun off the haulage business in 2014 but retained a 49% holding, will bank £113.1m by selling off some of its stake at £1.60 per share.
It will have a retained shareholding of £71.5m after the admission, representing 12.5% of Eddie Stobart's share capital on AIM.
In a statement Stobart Group said: “The group has no current plans to sell its remaining stake in Eddie Stobart and has agreed to standard lock-up arrangements for a period of six months.
“The transaction will generate a significant profit for the group and demonstrates the ability of the group's management team to continue to create value for shareholders.
"The board looks forward to maintaining its close working relationship with Eddie Stobart and continuing to support the company as a shareholder following its successful flotation on AIM."
Earlier this month it was revealed that William Stobart had stepped down as a director at the company that bears his name ahead of the listing.
