Shareholder and former chairman will not divest a large portion of his shares in IPO
Former Hastings chairman Utley has said he will remain a “keen supporter” of the company despite not having a position on the new group board.
He also said he will not make a big divestment of his shareholding when the company floats on the London Stock Exchange in October.
Hastings announced plans for its long-awaited initial public offering this morning, and also revealed a new group board. The new board includes two representatives from the insurance and broking group’s founding shareholders: Former Hastings Direct chief executive Ed Fitzmaurice and Richard Brewster, who was part of the company’s 2009 management buyout (MBO) from Australian insurer IAG.
Utley became non-executive chairman of Hastings following the 2009 MBO. He is currently listed as a director of Hastings Insurance Group and non-executive director of the group’s broking division, Hastings Insurance Services.
Utley told Insurance Times: “I’m still a very keen supporter of the company and I will continue to be that.”
He also said he will not be selling a large part of his Hastings shareholding. In the IPO, Hastings’s exiting shareholders, including majority shareholder Goldman Sachs, will collectively sell at least 25% of their shares.
Utley said: “We’ll all reduce [our holdings] a little bit, but I have got no plans to divest in any big way at all.”
He added: “I am very excited about the business being in the position that it is and being able to float. It is a six-year drive that we have been going through and I’m very proud now that we are where we are.”
Hastings’s new board
|Gary Hoffman||54||Chief executive officer|
|Richard Hoskins||51||Chief financial officer|
|Richard Brewster||59||Non-executive director|
|Thomas Colraine||57||Senior independent director|
|Ian Cormack||67||Independent non-executive director|
|Edward Fitzmaurice||52||Non-executive director|
|Pierre Lefèvre||59||Independent non-executive director|
|Malcolm Le May||57||Independent Non-executive director|
|Sumit Rajpal||40||Non-executive director|
|Michele Titi-Cappelli||39||Non-executive director|