The float involves a 45% free float which will see Peter Birch – who received shares in MAB when it acquired Mortgage Talk in 2012 – fully exiting the business with all other shareholders retaining the majority of their shares post-listing.
The current board of three (Peter Brodnicki; David Preece, Chief Operating Officer; and Paul Robinson, Finance Director) will be increased to six following the appointment of three non-executive Directors: Katherine Innes Ker, Nathan Imlach and Richard Verdin. Katherine will serve as MAB's non-executive Chairman.
Peter Brodnicki said:
"We are delighted to announce our successful float on AIM, which has received strong demand from investors despite recent turbulent market conditions, recognising MAB's position as a leading UK mortgage intermediary brand and network.
"The share price has been set at 160p per ordinary share, which represents a market capitalisation for MAB of circa £80m. Conditional dealings will commence on the London Stock Exchange at 8am today, with admission and unconditional dealings expected to take place on Friday 14th November.
"Our admission to AIM will provide us with a strong platform from which to build on our success to date, by supporting the growth of our Network and Franchise partners, and with a view to attracting more high quality and strongly performing intermediary firms into our two propositions.
"Mortgage intermediaries play a very important role in the mortgage and protection advice process, and since the introduction of MMR the intermediary market share has increased and I expect it to increase further."
