Precise Mortgages’ parent announces flotation

Precise Mortgages has today (September 29) floated on the London Stock Exchange.

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The parent company of Precise, Charter Court Financial Services Group, entered the exchange with the share price set at 230p.


Charter Court is the parent company of Precise Mortgages, Charter Savings Bank and Exact Mortgage Experts. Precise Mortgages offers residential and buy-to-let mortgages, second charge loans, and bridging finance.


The initial public offering (IPO) comprises 86.9 million existing shares and 8.6 million newly issued shares.


Charter Court said this represents around 40 percent of its total share capital on admission, valuing the offer at £220m. It also said it will receive around £20m of gross proceeds from the offer.


In addition, an over-allotment option of up to 14.3 million shares has been issued by Charter Court’s majority shareholders – investment businesses Elliott International and Elliott Associates. Therefore, a total of 239 million shares have been issued.


Various funds managed by Old Mutual Global Investors UK have in aggregate agreed to acquire 43.5 million shares with a value of around £100m at the offer price, representing 18 percent of Charter Court’s total share capital on admission.


Ian Lonergan, chief executive of Charter Court, said: "Today’s announcement reflects the high level of investor interest shown in our IPO and is a clear endorsement of Charter Court’s business, track record, strategy and prospects.


“I welcome all of our new shareholders and look forward to sharing with them the next exciting stage of our development as we seek to take advantage of the further opportunities we see in our specialist mortgage markets and drive sustainable growth and attractive risk adjusted returns."


Rob Jupp, chief executive of specialist distributor Brightstar Financial, said: "Charter Court is a great business run by great people. Today’s flotation shows that challenger banks working in the UK’s specialist finance sector can command a decent market price if they are well run. It’s great to see such strong investor demand for the specialist lending sector."


In the latest available results statement from Charter Court, for the full year of 2016, it states Precise Mortgages originated loans £2.49bn - an increase of 55 percent compared to £1.6bn the year before.


Precise Mortgages will be speaking at Credit Strategy’s inaugural Mortgage Conference on October 30.


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