Thu 15th May 2014 - Patisserie Holdings to float with 170p share price Patisserie Holdings to float with 170p share price: Patisserie Holdings, which operates Patisserie Valerie and other brands, has announced the successful pricing of its initial public offering by way of a conditional placing of 46,645,794 new and existing ordinary shares of one penny each at 170 pence per share with institutional and other investors. The price is at the lower end of the 170p to 200p per share range that had been indicated. Based on the placing price, the market capitalisation of the company will be £170 million on admission to trading on the AIM Market of the London Stock Exchange becoming effective. The company has conditionally raised £32.8 million (before expenses) through the placing, the net proceeds of which will be used to repay the group’s existing outstanding senior debt and shareholder loans. In addition, the selling shareholders will receive gross proceeds of £46.5 million pursuant to the placing. At admission, the company will have 100,000,000 Ordinary Shares in issue with a free float of 48.4%. Following the placing, Luke Johnson, the largest shareholder, will own 42.7% of the company. The remaining directors and members of senior management will own 5.9% of the company. Conditional dealings will commence in the Ordinary Shares on the London Stock Exchange at 8.00 am today (14 May) under the ticker “CAKE”. Admission and the commencement of unconditional dealings in the Ordinary Shares are expected to take place at 8.00 am on 19 May. Luke Johnson, executive chairman of Patisserie Holdings, said: “Today’s announcement marks a key step in the development of the group. We have grown the business from eight stores to 138 today, and I’m delighted that our new investors have recognised the potential to roll out Patisserie Valerie further. We look forward to a strong future as a quoted company.” The group operates 138 stores and the Flour Power City Bakery in the UK.