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What is an investment trust and why would you want to put your savings into one? Do the crises in Argentina and Turkey spell danger for emerging markets as the strong dollar stings? Spend your way onto the property ladder! Mobile phone network O2 is hoping to sell shares to millions of ordinary investors in the first major retail offering since the Royal Mail flotation three years ago. 3billion stock market float before the end of the year or early 2017, making it one of the biggest public offerings in London this year.
The float will see investors offered a minority stake in the company, in a bid by Spanish owner Telefonica to reduce its heavy debt burden. 3billion to Hutchison, the owner of rival mobile network Three last year, but the deal was blocked by EU regulators. The UK’s Ofcom and Competition and Markets Authority also claimed the merger would have harmed competition and consumer choice. It is understood it will not be a full retail offer, but O2 customers will likely be offered to buy shares through their stock broker.
We have 25million customers and I think there would be a reasonable demand for what we have to offer. 9billion following the failure of the listing of its infrastructure arm Telxius. O2, which is the sponsor of the England Rugby team, was supposed to float Telxius earlier this year but the listing was pushed back by market volatility in the wake of the EU referendum. Shares in O2 owner Telefonica were trading 0. There has been a slowdown in UK stock market listings in the third quarter – six IPOs compared to 13 in the previous quarter – but activity is expected to pick up again after a post-Brexit summer slump, according to a new report. Accountancy giant EY said the EU referendum ‘compounded the so far slow 2016 IPO market’. 3million over the past three months.
The largest was bowling alley operator Hollywood Bowl, completed during the final weeks of September. 4million – ‘reflecting the international implications of the Brexit vote’, EY said. It comes as a separate report by another accountancy giant PwC last week noted a drop in the number of new listings on the London stock market as a result of the UK’s vote to leave the EU. 5million in the 13 weeks following the referendum. However, EY says higher valuations and lower volatility could spark a pick-up in IPO activity going forward, adding that a return to the record levels of 2014 ‘may be a stretch’, but the number of IPOs throughout 2017 could surpass the 2015 total. And reports suggest that firms including Premier Asset Management, and the UK arm of doughnut company Krispy Kreme are exploring UK flotations. What is behind the FTSE 100’s sudden sharp rise?