15/03/2006 Exchange welcomes Scott Wilson Group to Main Market
15 March 2006
The London Stock Exchange is delighted to welcome Scott Wilson Group to the Main Market.
Scott Wilson is an international consultancy offering integrated professional services for civil and structural engineering projects, transportation, environmental studies and institutional development. It was ranked as the ninth largest UK-based engineering consultant by fee income for the calendar year 2004 in the New Civil Engineer 2005 annual survey. The company has a network of international offices controlled through five regional centres in Warsaw, Johannesburg, Delhi, Bangkok and Shanghai/Hong Kong.
Brewin Dolphin, the company’s broker, has raised approximately £68.1 million before expenses for the company and approximately £3.5 million on behalf of selling shareholders at a price of 158p per share, giving Scott Wilson a market capitalisation of approximately £112 million and a free float of approximately 63.9%. The shares have been placed with a wide range of institutional and professional investors in the United Kingdom, having been oversubscribed at the higher end of expectations.
It is intended that the funds raised will be used to strengthen the company’s balance sheet in order to finance organic growth and facilitate further selective acquisitions to support its strategy of expansion both in the UK and internationally and the further strengthening of its service offering and market share in its core sectors.
Commenting on the Placing, Geoff French, Chairman of Scott Wilson said:
“We are delighted by the positive response to the Placing and the completion of our admission to the Official List and trading on the London Stock Exchange. I am pleased to welcome all our new investors as shareholders of Scott Wilson.
“We believe that the Placing and Admission will strengthen Scott Wilson’s balance sheet thereby financing organic growth and facilitating further selective acquisitions. We expect it will enable Scott Wilson to accelerate its growth and thereby sustain or improve its position amongst its peers.”
Scott Wilson will be included in the Support Services sector and it will have an EPIC code of SWG.L.
Brewin Dolphin is acting as Sponsor and Financial Adviser in relation to the Placing.