esure plans £50m stock exchange flotation
esure has announced its intention to float on the London Stock Exchange with an initial public offering (IPO).
The UK motor and home insurer, founded by chairman Peter Wood, confirmed that it would raise £50m to pay off existing debt in the form of loan notes to the investment company set up for the original management buy-out from Lloyds Banking Group in February 2010.
The offer will include the sale of existing shares but Mr Wood will retain a significant shareholding through the deal and remain esure's largest shareholder.
The news came as the provider revealed a pre-tax profit of £115.5m for 2012, up
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