The Mortgage Advice Bureau has today (27 October) announced its intention to float on the London Stock Exchange’s Alternative Investment Market.
This will involve a 45 per cent free float which will see director Peter Birch – who received shares in MAB when it acquired Mortgage Talk in 2012 – fully exiting the business, with all other shareholders retaining the majority of their shares post-listing.
A statement from the home loan broker noted that stock market conditions will dictate the ultimate timing of the listing.
The placing will comprise existing ordinary shares to certain institutional and professional investors and the firm is not seeking to raise any primary proceeds. Canaccord Genuity is acting as nominated adviser and broker to the company.
The current board of three – chief executive Peter Brodnicki, chief operating officer David Preece and finance director Paul Robinson – will be increased to six following the appointment of three non-executive directors: Nathan Imlach, Richard Verdin and Katherine Innes Ker. The latter will serve as MAB’s non-executive chairman.
Mr Brodnicki stated that the move ensures that the running of the company remains 100 per cent internal, while also capitalising on opportunities for intermediaries as industry change gathers pace.
“The team at MAB has worked hard to build a mortgage and protection network we can be proud of, which has attracted forward thinking and ambitious intermediary firms.
“We have also built a leading UK mortgage intermediary brand with a focus on the quality of distribution and the customer experience.
“Our new board members will bring with them significant expertise and experience, as well as providing external oversight for the business.”
Mr Brodnicki added that with product choice continuing to improve, “the future for the mortgage intermediary is extremely positive”.
peter.walker@ft.com
