22/06/2005 Inmarsat opens the London market
Inmarsat opens the London market
22 June 2005
Inmarsat operates a constellation of geostationary satellites that extend mobile phone, fax and data communications to every part of the world, except the poles. End-users can dial into the international telephone network and send data over the Internet at any time, simply by connecting to an Inmarsat satellite.
The company came into being as an Intergovernmental Organization (IGO) in 1979 to provide global safety and other communications for the maritime community. Starting with a customer base of 900 ships in the early 1980s, it then grew rapidly to offer similar services to other users on land and in the air, until in 1999 it became the first IGO to be transformed into a private company.
It now supports links for phone, fax and data communications to more than 287,000 ship, vehicle, aircraft and other mobile users.
"We were honoured to be guests of the London Stock Exchange this morning and were grateful for the warm welcome extended to Inmarsat as it entered the official list," said Michael Butler, Chief Operating Officer of Inmarsat Ltd.
"I'd like to thank all the people who have worked so hard to get us to this position. We are extremely pleased with the success of the IPO and with our subsequent listing on one of the world's leading equity exchanges.
"We look forward to a long and mutually beneficial association with the London Stock Exchange."
The listing comes six years after Inmarsat's transition from IGO to private company, and one month short of the 26th anniversary of the company's creation.
Chairman and Chief Executive Andrew Sukawaty said: "We are delighted with the positive response to the flotation of Inmarsat. We are particularly pleased with the strong calibre of the shareholder base, which reflects the understanding of the business dynamics and confidence in the prospects of Inmarsat.
"We look forward to life as a public company and to delivering value to our shareholders. Inmarsat is the leading global provider of mobile satellite services and we are uniquely positioned to take advantage of exciting growth opportunities in the sector and to achieve our strategic objectives."
Inmarsat's listing on the London Stock Exchange attracted attention from the world's media, with the BBC, Bloomberg, CNBC and Reuters interviewing Michael Butler and Rick Medlock, the company’s Chief Financial Officer after the welcome ceremony in the City.