Perspective postpones £28m flotation plans

Financial advisory firm Perspective Financial Group is postponing its flotation on the London Stock Exchange’s Alternative Investment Market.

According to a source with knowledge of the situation, while the initial public offering generated interest among investors, there was a lack of actual commitment.

It is further understood that the postponement is due to timing issues as there is currently much activity on the LSE and investors are being asked to commit to a raft of funds.

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The initial public offering was expected to go ahead this month with the aim of raising £28m of capital. Perspective has said it will revisit the plans, but has not given a new date for flotation.

Perspective now serves 84,000 private clients and approximately 500 corporate pension clients, and manages about £2.5bn in client assets.

The move to float came despite claims from another AIM-listed national IFA firm last year that investors are not attracted to advisory companies in the wake of the RDR changes.

Lighthouse Group had sought to de-list from AIM, but opposition from many shareholders, including the group’s former chairman, forced it to abandon the plans. Its chairman, David Hickey, stepped down in August 2012.

A statement from Perspective Financial Group said: “Despite strong interest from investors, Perspective Financial Group has decided to postpone its initial public offering.

“The company continues to deliver strong profitable growth and remains confident in its proven strategy, and will seek to revisit the IPO at a more appropriate time.”