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Opening price set for Lakehouse

18 Mar 15 Construction contractor is set to have a market capitalisation of £140.2m when its shares begin trading on the London Stock Exchange next week.

CFO Jeremy Simpson, executive chairman Stuart Black and CEO Sean Birrane
CFO Jeremy Simpson, executive chairman Stuart Black and CEO Sean Birrane

The offer price has been set at 89 pence per share and dealings in the shares are expected to start on Monday 23rd March 2015 under the ticker LAKE.

The offer will raise gross proceeds of approximately £60m, comprising £30m from the issue of new shares by the company and £30m from the sale of existing shares by selling shareholders, including founder Steve Rawlings who is currently still the biggest shareholder.

There will be 67,415,731 shares floated in total, representing 42.8% of the total 157,527,103 shares in issue.

Immediately following admission to the exchange, the existing shareholders, who include the directors and the senior management team, will continue to hold 57.2% between them.

Lakehouse executive chairman Stuart Black said: "We are delighted to announce the successful pricing of our initial public offering on the London Stock Exchange. We believe that Lakehouse represents an attractive investment opportunity, reflecting our compelling growth prospects, and we are pleased to welcome our new shareholders to the company. Lakehouse looks forward to life as a listed company and continuing its track record of long term value creation for all its stakeholders."

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