Business
First Day of Dealings
First Day of Dealings.
About this update from Cvs Group Plc
[{"type":"text","content":"\n CVS Group plc\n10 October 2007\n\n\nFor Immediate Release 10 October 2007\n\n\n\n NOT FOR PUBLICATION, DISTRIBUTION OR RELEASE IN THE UNITED STATES, CANADA,\n\n JAPAN OR AUSTRALIA\n\n\n\n CVS Group plc\n\n ('CVS' or 'the Company' or 'the Group')\n\n\n\n\n\n First Day of Dealings on the AIM market of the London Stock Exchange\n\n\n\nCVS (AIM: CVSG), one of the UK's leading providers of veterinary services,\nannounces that its ordinary shares have been admitted to trading on AIM\nfollowing its successful Placing to raise £92.7million led by Panmure Gordon &\nCo. CVS' ticker symbol is CVSG.\n\n\n\nHighlights\n\n\n\n • The Placing, associated with CVS' admission to AIM, of 45,205,800 shares\n (representing 87.7% of the Company's issued share capital) at 205 pence per\n share, raises £92.7 million for Selling Shareholders, valuing the whole of\n CVS at £105.7 million.\n\n\n\n • The Placing was comfortably over-subscribed, with high quality demand at\n the Placing Price.\n\n\n\n • The purpose of the flotation is to raise the public profile of the Group,\n to help drive new business and to increase awareness of the Group within the\n veterinary profession. It has also provided an opportunity for Nash Sells\n Limited Partnership II, a fund managed by Sovereign Capital Partners LLP, to\n realise its investment after eight years of support.\n\n\n\n • The Company's three recently appointed non-executive directors have agreed\n to buy a total of £100,000 worth of shares at the Placing price.\n\n\n\n • The current management team of Simon Innes, Chief Executive since 2004,\n and Paul Coxon, Finance Director since 2003, has increased sales from\n £12.8m in 2005 to £39.0m in 2007 (year end 30 June), a compound annual\n growth rate ('CAGR') of 75%. EBITDA has increased from £1.3m to £5.1m over\n the same period, a CAGR of 98%.\n\n\n\n • CVS was established in August 1999, with financial backing from funds\n managed by Sovereign Capital Partners LLP, to acquire and operate veterinary\n practices which were well established within their local community and had a\n reputation for high quality service.\n\n\n\n • Based in Diss, Norfolk, the Group operates two divisions: the practice\n division composed of 45 small animal practices and one equine specialist\n practice (128 individual surgeries throughout the UK) and the d...