18/08/2011 The London Stock Exchange welcomes Allanfield Group plc to AIM
The London Stock Exchange today welcomes Allanfield Group plc to mark the first day of trading in its shares on the Alternative Investment Market.
The Group brings together two specialist commercial real estate insurance brokers, Allanfield Property Insurance Services Limited (“APIS”) and Industrial & Commercial Property Insurance Consultants Limited (“ICP”), which manage insurance premiums of approximately £14 million.
Allanfield Group plc has raised £1.2 million in placing of 1,990,049 New Ordinary Shares, with the Directors believing that the listing on AIM will facilitate both organic growth and future acquisitions. Market capitalisation on Admission is £11.3 million.
APIS has achieved strong growth and client retention due to its unique approach of offering significant clients equity participation in return for committing to place insurance with the Company. Following its listing, the Group is launching a new loyalty scheme whereby key clients will be offered shares in a new subsidiary of Allanfield in exchange for committing to continue to place their business with the Group for at least three years from the date of Admission.
Commenting on the Company’s Admission to AIM, Gary Field, CEO of Allanfield, said:
“We are delighted to be joining AIM today and believe that Allanfield has a unique offering for the insurance market. The AIM listing will facilitate our growth plans to consolidate our position in the commercial real estate sector.”
finnCap is acting as NOMAD and Broker to the Company.