At the midpoint of the price range, the offer size will be approximately £388 million comprising approximately 204 million shares (before any exercise of the over-allotment option) representing approximately 41% of the enlarged issued share capital of the Company immediately following the IPO. Book-building is intended to commence later today following the expected publication of the Prospectus.
The Company is seeking to raise gross proceeds of £180 million through the issue of new Ordinary Shares. The proceeds will be used primarily to pay down debt and to fund the Company's expected growth.
Simon Nixon is intending to sell approximately 60.3 million Ordinary Shares, representing approximately 18% of his holding of Ordinary Shares (at the midpoint of the price range). He has also granted Credit Suisse an over-allotment option in connection with the Global Offer which may result in the sale of up to 30.6 million additional Ordinary Shares.
The senior managers and certain current and former employees are selling approximately 26.5 million Ordinary Shares. Simon Nixon and the senior managers will own a majority of the Ordinary Shares post IPO. The executive directors (including Simon Nixon) and certain senior managers are subject to staggered lock-ups limiting the number of Ordinary Shares they may sell until the third anniversary of admission.
Duncan Cameron is intending to sell 22.5 million Ordinary Shares representing his entire shareholding.
Admission to the Official List of the FSA is expected to occur and unconditional dealings in the Ordinary Shares are expected to commence on or around 31 July 2007. Following the expected publication of the Prospectus later today, the Global Offer will be made to employees, retail investors in the United Kingdom, Channel Islands and Isle of Man and to institutional investors in the United Kingdom and certain other jurisdictions.
Michael Wemms has joined the Board as the senior independent director. Mr Wemms is a non-executive director of Coles Group Limited and Inchcape plc and was an executive director of Tesco plc between 1989 and 2000.
Credit Suisse has been appointed Sole Sponsor, Sole Global Co-ordinator and Bookrunner of the Global Offer. Lehman Brothers International (Europe) and UBS Limited have been appointed Co-Lead Managers of the Global Offer.
Retail Offer
Following publication of the Prospectus, retail investors in the United Kingdom, Channel Islands and the Isle of Man will be able to apply for Ordinary Shares in the Retail Offer.
Prospective investors should access the Moneysupermarket.com Share Offer website at www.moneysupermarket.com/shareoffer and follow the instructions on that website. Prospective investors may either apply online directly through the Share Offer website, or by downloading an application form from this website and returning it, once signed and completed, together with payment to the Company's receiving agent, Capita Registrars Corporate Actions, PO Box 40, The Registry, 34 Beckenham Road, Beckenham, Kent, BR3 4YL. Prospective investors who have requested that an application form be posted to them by mail will have this posted shortly after publication of the Prospectus and again, should return their completed signed application forms, together with payment, to the Company's receiving agent. The contents of the Company's websites and the Share Offer website do not form part of this announcement.
The Retail Offer is scheduled to close on 24 July 2007.
Simon Nixon, chief executive, said: "We are delighted to be announcing this next stage of our planned flotation. We look forward to becoming a public company with the benefits it will bring. We are also delighted to have Michael Wemms joining the Board."
