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Advent’s stock rises on AIM debut

Lloyd’s reinsurer Advent Capital saw its share price rise by 7 percent on the first day of trading in the company’s stock on Friday, 3 June.

Advent shares rose from their AIM debut of 35p to 37.5p, lifting the company’s market capitalisation to £82mn.

Advent raised £40mn from the sale of 114.3mn shares and also raised a further £25mn through a debt issue which the company said will help provide permanent capital on its Syndicate 780.

In a tough market, Advent’s supporters initially hoped the float might value the firm at between £90mn-£100mn.

In a statement, the veteran reinsurance underwriter and company chairman Brian Caudle, remarked:

“We are delighted that we have been successful in raising new capital and taking the Company onto the public market place. This signals a new and exciting chapter in the history of Advent and provides the permanent capital to take the business forward into 2006 and beyond which we know our loyal supporters in the insurance market and our rating agencies are looking for from us.

“On behalf of the Board I would like to thank the executive team, our staff and our advisers for all the hard work they have put in to make this important step for the Group a success in what we know were difficult market conditions for raising capital.  We are proud to have been able to buck the trend.”  

The listing was handled by Lloyd’s specialists Numis Securities.

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