Crest planning to return to the stock market

Posted on January 22, 2013 by davidb There have been 0 comments

Crest Nicholson has announced that it is to return to the stock market in February to raise around £50 million in capital, this nearly six years after being taken private.

The raise the £50 million in capital the firm is to launch an initial public offering which will include new and existing shares with a minimum of 35% of the issued share capital offered in the free float.

The money generated will be used to repay borrowings.

Crest ceo Stephen Stone has said: "Crest Nicholson has a long and successful history as a public company and today we have announced our intention to return to the stock market. We have a robust balance sheet, a valuable land bank, and a management team that has experienced the best and worst of the housebuilding cycle. The housing market is entering a period of gradual recovery and with our emphasis on the south of England, including London, and the continued support for the new homes market from government, we are well positioned to generate value for shareholders."

Crest also revealed its results for the year to October 31 2012. The results show an operating profit up 30% to £73.3 million and legal completions up 24% to 1,882 for the year.

This post was posted in News and was tagged with UK, Construction, Housing Market, Crest Homes, Stock Market, Crest Nicholson

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