Amey gets PLC listing

Amey has successfully completed its stockmarket listing, despite a sharp change in City sentiment during the last 14 days.

The shares were priced at 161p, valuing the company at œ45 million - œ5 million less than had been hoped. In the same period, the stock market fell 17%. City sources report that several floats have been abandoned as a result.

The sell-off raised œ10 million of new capital for the company, and realised œ3 million for existing shareholders who sold stock.

On paper the four directors who led the management buy-in from Hanson are now millionaires.

But the cooling of the stockmarket meant they sold fewer shares than planned, crystallising only œ1.5 million between them. They each continue to hold four million shares, worth œ6.5 million. Institutional investor Close Brothers, acting for 30 investors, also cashed in œ1.5 million of shares.

The strengthening of Amey's balance sheet, and the prestige that accrues from a Stock Exchange listing, will help it compete for larger jobs and privately financed projects.

It also plans to invest œ3 million in housing, and to expand the geographical base of its building arm by acquiring family firms or making further deals with receivers.