16/11/2004 Phoenix IT Group plc to Main Market
Phoenix is an established UK IT services company that provides a range of IT support services, including network and systems management, network services, service desks, field services and professional services.
On Thursday 11 November 2004 it was announced that the Offer Price for the ordinary shares was 235 pence per share and based on this price, the market capitalisation of the Company at the commencement of conditional dealings was approximately £132.2 million*. Phoenix raised approximately £26.5 million of capital (net of expenses) for the Company from its Global Offer.
Commenting, Nick Robinson, Chief Executive of Phoenix said, “We are delighted with the success of the offering and the announcement of our listing on the London Stock Exchange. This is a very positive development for Phoenix. The offering enhances our capital base, enabling us to build on our already well-established market position and our track record of providing consistently high quality services, as well as enabling us to pursue new growth opportunities.”
*Assuming that no shares are issued or sold pursuant to the Over-allotment Arrangements