Saga issued more details of its float or sale...
Saga is pursuing a dual track sale or float strategy.
Saga runs one of the largest books of personal lines policies in the UK and underwrites its own motor book from Gibraltar. Saga Financial Services accounts for approximately £165m of Saga's £380m annual turnover. And it accounst for around £70m of the groups £90m gross profits.
In the year to 31 January 2004, group turnover was £382.8m, generating earnings before external interest payable, tax, depreciation and amortisation of £91.9m. Further financial information will be provided in the prospectus, which is expected to be published in October.
About 155,000 customers and other members of the public in the UK, the Channel Islands and the Isle of Man have indicated that they might be willing to purchase shares in Saga as part of an initial public offerring.
Non-binding expressions of interest to date total in aggregate about £356m–£777m, with a mid-point of £567m.
The levels of interest recorded have been collected since July and no material financial information about Saga or indicative valuation was provided as part of this process.
Saga announced, conditional upon listing, the appointment of two new non-executive directors: Kent Atkinson (formerly group finance director at Lloyds TSB) and Alan Parker (Whitbread chief executive), who will join Peter Phillipson (currently chief executive of the Tussauds Group) as non-executive directors of Saga.
The executive team will continue to be led by chief executive Andrew Goodsell.
