Network Data Limited, the first ‘dedicated’ Network for mortgage and general insurance intermediaries, has today announced its plans to float the company on the London Stock Exchange, with an anticipated date of flotation between September 2004 – May 2005.
The flotation process is being lead by Lucy Hutchins, who spent 6 years at Guiness Mahon on IPO work, achieved an MBA at Barcelona University, and latterly worked at Goldman Sachs.
Network Data believes that the flotation will enable it to raise additional capital for the on-going development of its mortgage network for smaller intermediaries.
As a Principal Firm under the FSA regime, all Appointed Representatives (ARs) of Network Data will be able to share in its market capitalisation.
ARs will earn free share options for every mortgage they place through the Network and for its existing 760 full Members, Network Data will be backdating their share options to January 1st 2003 for business placed this year.
The flotation will provide a liquid market for Network Data’s employees and ARs and make it easy for them to realise the value of their shares.
Richard Griffiths, Managing Director, comments:
“A couple of years ago, 20% of the company’s shares were given free of charge to employees under the government’s new All Employee Share Ownership Plan.
The flotation will enable them to realise the value of their shares, tax free, whenever they wish to do so.
We are pleased to extend the share ownership to our ARs, and the earlier they sign up the more share options they can convert after the date of flotation.”
