Moneysupermarket.com intends to make its employees a share offer if it goes ahead with a potential float on the London Stock Exchange.
The UK finance and travel price comparison website company has announced its intention to seek admission to trade on the London Stock Exchange, proceeding with an initial public offering of its ordinary shares.
Moneysupermarket.com plans to apply for admission of its ordinary shares to the official list of the Financial Services Authority and to trading on the London Stock Exchange’s main market for listed securities. The global offer will consist of an offering of new and existing ordinary shares by the company and certain shareholders respectively.
As well as offers to retail investors, the company says it also intends to make an employee offer to its eligible employees. The proposed listing will include £3,000 worth of shares being awarded to the company’s 600 employees who are all based at its head office in Ewloe, Chester. A spokesperson for the company said the intention to float will raise the profile of the company and improve staff retention levels and boost recruitment.
While the proceeds of the global offer will be principally used to repay the group’s existing debt facilities and to fund the group’s expected growth, following the global offer, the chief executive and senior management team are expected to own a majority interest in the company.