The flotation of Agents’ Mutual on the London Stock Exchange could happen as soon as later this year following the endorsement of the process by the High Court yesterday.
The voting processes behind the decision - agreed 89 per cent to 11 per cent on a 70 per cent turnout of AM’s membership - were sanctioned by the High Court, with a last minute objection to the proposal not being agreed by the judge.
It is thought that the next part of the process will be the creation of an investors’ prospectus, which may already be underway with Zeus Capital, which is advising Agentys’ Mutual on the float.
Because AM is to be floated on the Alternative Investment Market of the London Stock Exchange - a sort of junior market to the main FTSE markets - the prospectus has to be less detailed. Zeus also has to advise AM of a share price for the Initial Public Offering, at which point investors have their first bite of the cherry in terms of buying into the new firm.
In a message to agent members, Agents’ Mutual chief executive Ian Springett yesterday afternoon wrote:
“I am pleased to let you know that the High Court of Justice Chancery Division this morning sanctioned the Members Scheme and the three Loan Note Schemes which were overwhelmingly endorsed by our Members and Loan Noteholders at the Court Meetings on 6 September. We will now continue to the next stage of the process. Thank you again to all those Members who took part in the voting and who have shown such strong support for the business.”