‘Legacy-free’ UK banking newcomer Aldermore enjoys rousing market debut
BANKING NEWCOMER Aldermore made a rousing stock market debut, following a sale that netted £150m for its private equity backers AnaCap.
Aldermore, founded by former Barclays executive Phillip Monks in 2009 with backing from AnaCap, raised £75m from the sale of new shares. It said it would use the proceeds to fund growth.
The bank has established itself as one of the more credible challengers to Britain’s ‘Big Five’ – Lloyds, HSBC, Royal Bank of Scotland, Barclays and Santander UK – to emerge since the financial crisis.
Aldermore, which employs 50 staff at its office in Cleckheaton, West Yorkshire, has been looking to take customers from established rivals which are slimming down.
The sale of shares offered investors exposure to Britain’s economic recovery through a bank untainted by the investigations into past misconduct that have hampered some of its larger rivals.
About 35 per cent of the company was sold in the IPO.
“The success of our IPO is testament to the strength of our story as a legacy-free bank focused on providing banking services to SMEs (small-and-medium-sized enterprises) and homeowners,” said Aldermore chief executive Philip Monks.
“It’s a natural next stepping stone for us to go to markets which have deeper and broader pools of capital. The company will after a while outgrow private equity and we were getting towards that stage,” he said.
Aldermore’s net lending grew by 42 per cent to £4.8bn last year and the bank said it expected a similar rate of growth in 2015. Sources said the IPO had attracted a mixture of ‘blue-chip’ long- term investors from Britain and the US, as well as hedge funds, and demand for the shares outstripped the amount for sale by five times.
The sale was priced towards the top of an initial price range which had been set between 175 pence and 195 pence per shares.
It valued the business at 1.5 times the value of its assets, far ahead of the industry average of 0.87 times.
Credit Suisse and Deutsche Bank led the listing, while RBC Capital Markets was joint bookrunner. Lazard was also an adviser.
to £1120 (Avg £1078), Top price from C Warde-Aldam, Frickley, Doncaster sold to JB Eastwood & Sons, Emley, Huddersfield. Stores - Lim Strs to £730, Lim Hfrs to £980, Lim Bulls to £470, Hereford Bulls to £470, Simm Hfrs to £475, Saler Strs to £592, Saler Bulls to £470, AA Strs to £565, Friesian Strs to £332, Shorthorn Hfrs to £275. Top price from A Sykes & Son, South Crosland, Huddersfield sold to JB Eastwood & Sons, Emley, Huddersfield. Prime - Strs 560kg+ to 200p (Avg 190p). Top price from RL Barraclough, Thurlstone, Sheffield sold toT Shepherdson Ltd, Marsden, Huddersfield. OTM - to 160p (Avg 121p). Top price from Turner Farms Ltd, Honley, Huddersfield sold to T Shepherdson Ltd, Marsden, Huddersfield. Sheep: Prime Hoggs - 32.1-39kg to 250p (Avg 211p), 39.1kg–45.5kg to 250p (Avg 193p) 45.6kg-52kg to 222p (Avg 195p), 52kg+ 215p (Avg 175p). Top price lambs from G Hey, Blackmoorfot, Huddersfield sold to Symons Butchers, Market Hall, Huddersfield. Store Hoggs - to £49 (Avg £49) Top price from GH Tibbot, Delph, Saddleworth sold to Lea & Son, Hood Green, Barnsley . EWES to £139 (Avg £87.73). Top price from sold to Lancashire Halal Meat Ltd. TUPS to £124 (Avg £84.67). Top Price from S & A Taylor, Cumberworth, Huddersfield sold to T Shepherdson Ltd, Marsden, Huddersfield. £95.00 & 244p/kg selling to M Etherington on behalf of Woodends of Adel. Class 2 – 3 Prime Hoggs Over 42kgs - 1st DJ & JE Wilson Ltd, Harome £105.00 & 214.00p/kg selling to H Lee & Sons, Thirsk; 2nd DJ & JE Wilson Ltd, Harome £109.00 & 232.00p/kg selling to Hartshead Meats (2011) Ltd, Mossley; 3rd R Hughes & Son, Angram £97.20 & 212.00p/kg selling to John Kearns Butchers, Shipley. Prices Realised: Prime Cattle - Steers: Light to 234.50p/ kg, Medium to 228.50p/ kg (213.01p/kg), Heavy to 258.50p/kg (218.97p/ kg) Overall Steer Average 217.69p/kg. Heifers: Light to 231.50p/kg (207.27p/ kg), Medium to 260.50p/kg (209.52p/kg) Overall Heifer Average 209.43p/kg. Cows to 154.50p/kg (118.61p/kg), Overage Heifers to 150.50p/ kg (129.50p/kg), Overage Bulls to 113.50p/kg Black & White to 123.50p/kg (104.38/ kg), Charolais to 154.50p/ kg (136.50p/kg), Limousin to 145.50p/kg (144.00p/ kg), Simmental to 144.50p/ kg (136.50p/kg), Hereford to 142.50p/kg (132.50p/kg), Saler to 136.50p/kg, Belgian Blue to 128.5p/kg (124.00p/ kg). Top P/KG Prime Beast @260.50p/kg was presented by DJ Bailey, Keighley selling to J & K Summers Family Butchers, Clayton. Top Priced beast @£1499.50 w as presented by M J Swann, Ouseburn selling to None Go Bye Farm Shop, Yeadon. Top priced Cull Cow@154.50p/ kg was presented by DH & JA Ryder & Son, Lindley selling to Andrew Atkinson Livestock Ltd, Felliscliffe. Sheep: Hoggetts: Light to 139.00p/kg (135.00p/kg), Standard to 290.00p/kg (188.00p/kg), Medium to 256.00p/kg (194.20p/kg), Heavy to 181.00p/kg (165.78p/ kg), Others to 154.00p/kg (153.00p/kg). Top priced hoggs @290.00p/kg & £113.00 were presented by DJ & JE Wilson Ltd, Harome selling to J & K Summers Family Butchers, Clayton. SQQ Hogg Average is 194.39, Texel to 290.00p/kg (201.00p/kg), Beltex to 285.00 (202.00p/ kg), Suff to 192.00p/kg (187.30p/kg), Char to 195.00p/ kg (188.00p/kg), Masham to 176.00 (172.20p/kg), Mule to 178.00p/kg (173.20p/ kg), Horned to 173.00p/ kg (171.40p/kg), Jacob to 138.00p/kg (135.00p/kg). Ewes & Rams: Ewes to £144.00 (£82.20), Rams to £105.50 (£86.17). The Top Price Ewes & Rams @ £144.00 per head were presented TR & MJ Beadle, Binsoe selling to Yorkshire Halal Meat Supplier Ltd, Keighley. Pigs: Porkers to 134.00p/kg (106.90p/ kg), Cutters to 118.00p/kg (105.89p/kg), Baconers to 130.00p/kg (1115.30p/kg). Top price pigs at 134p/kg were presented by J Ludbrook, Cottingley selling to J & K Summers Family Butchers, Clayton. Cows: W Hodgson & Ptnrs, Pickering (126.5p) to Dawn Meats, Carnaby. Hoggs per Kg: P Train, Harwood Dale (184p). Hoggs per Head: C N & M E Nellis, Ugthorpe (£85) to Cleveland Meat Ltd. Ewes: R & J Myers, Bransdale (£98) to H Bennison, Ruswarp. kg; A H Grant & Sons 178p/ kg. Bullocks - Continental P B Fox & Son 228p/kg, 227p/ kg, 210p/kg; J B Etherington 223p/kg; P Gibson 218p/kg; Wilton Lodge Farms 210p/kg; W Jibson & Son 198p/kg; Non Continental A & M Beevers & Sons 204p/kg, 178p/kg; G & J Y Marshall 170p/kg. Heifers - Continental A Barker 255p/ kg, 252p/kg, 246p/kg, 233p/ kg; W & L Thompson 246p/kg; P B Fox & Son 237p/kg (twice); Edgar Bros 234p/kg; J F & J M Stephenson 232p/kg; Non Continental P Gibson 197p/ kg; R W Rooke & Sons 194p/ kg. OTM - G & J Y Marshall 177p/kg; E Blenkhorn & Son 168p/kg; J Walmsley 154p/ kg. Sheep: 734 Hoggs sold to 245.4p/kg from W Robshaw & Son and to £110 from M & K Farrar; to average 193.5p/kg. Spring Lambs sold to 255.8p/ kg from G Benson & Son and to £110 also from G Benson & Son; to average 255.8p/ kg. Hoggs Per Head - M & K Farrar £110, £109.50; G H West & Sons £107, £105.50, £103; W Robshaw & Son £105.50 (twice), £104. Hoggs Per Kg. W Robshaw & Son 245.4p/kg; Wilton Lodge Farms 245.3p/ kg; F Bristow & Son 232.6p/ kg, 229.1p/kg; R A Dobson 231.3p/kg; J Dale 229.4p/kg. Spring Lambs Per Head - G Benson & Son £110. Spring Lambs Per Kg - G Benson & Son 255.8p/kg. 34 ewes sold to £117 (twice) both from S & M Craven. Pigs: 222 pigs sold to 123p/kg from G H West & Sons and to £132.24 from R Thompson & Son. Porkers averaged 107p/kg (-0.7p on last week). Cutters averaged 105.3p/kg (+1p on last week). Bacon pigs averaging 102.4p/ kg (+1.8p on last week). 22 Sows sold to 42p (eight times) from D Pearson, D Yorke (twice), B Blackburn, D L Otterburn & Son (three times) and J T Horsley and to £132.72 from J T Horsley; to average 40.2p/kg (+1p on last week). Deadweight Pigs Cutters to 128p/kg; Baconers to 130p/kg.