Cabot to go ahead with flotation
Debt purchaser Cabot Credit Management has confirmed its final plans to float on the London Stock Exchange.
The company intends to trade on the main market for listed securities of the Stock Exchange next month and this will comprise an offer of shares to institutional investors.
Cabot also aims to apply for admission of its ordinary shares to the premium listing segment of the official list of the Financial Conduct Authority (FCA).
The debt purchaser reported an adjusted EBITDA of £247.8m for the year ending December 31 2016 and said it continues to focus on acquiring and servicing portfolios in the UK and “under-penetrated” European markets.
Ken Stannard, chief executive of Cabot, said: “As one of the largest players in Europe it now feels right to be listing on the London Stock Exchange. We are faced with significant untapped growth potential in each jurisdiction as creditor clients continue to partner with us to improve their own performance.
“We have a clear strategy of generating sustainable competitive advantage on the foundation of superior collections effectiveness and outstanding customer treatment. The executive team, with the support of our board, will continue to work hard to execute this strategy and maintain attractive returns for our shareholders.”