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GlobeOp prepares to set IPO price

24 July 2007  |  1536 views  |  0 Source: GlobeOp Financial Services

GlobeOp Financial Services S.A. ('GlobeOp' or 'the company'), a leading independent provider of business process outsourcing, financial technology services and analytics to the hedge fund industry and other targeted sectors of the financial services industry, is pleased to announce that it will shortly be applying for admission of its Shares to the Official List of the UK Listing Authority and to trading on the market of the London Stock Exchange for listed securities.

Pricing is expected to be announced on Wednesday 25th July when conditional dealings are expected to recommence in the company's shares.

Trading Update

GlobeOp also announces its financial highlights from the period 31 March 2007 to 30 June 2007.
  • Assets under administration ('AuA') as at 30 June of $85bn, an increase from approximately $77bn primarily generated by:
    • net addition of eight clients to GlobeOp's platform, bringing the total number of clients to 152
    • clients' performance and their launch of new funds.
  • 1,608 employees as at 30 June 2007, up from 1,567 as at 31 March 2007
  • AuA per employee of $53 million as at 30 June 2007 compared to approx $49 million as at 31 March 2007

Additionally, GlobeOp's implementation pipeline for new clients, where contracts have been signed or where economic terms have been or are being agreed, includes two large accounts with reported assets of $5.5 billion and $4 billion. The company plans to add these two clients to its platform gradually over the next 12 months. GlobeOp continues to expect that its new business pipeline will remain strong for the second half of the year.

The Board estimates that further costs of approximately $1 million relating to Admission to the Official List and trading on the London Stock Exchange will be incurred in the third quarter of 2007, for a total of $10 million in costs for the nine months ended 30 September 2007. A substantial portion of these costs is not deductible for income tax purposes, and therefore, the effective tax rate for the year 2007 will appear higher than if these costs were not incurred.

Revised Expected Timetable of GlobeOp's IPO

On 15th June 2007 GlobeOp announced its intention to apply for admission of its Shares to the Official List of the UK Listing Authority and to trading on the market of the London Stock Exchange for listed securities. The revised timetable for the Offer is given below:

Announcement of Offer Price - 25 July 2007
Notification of allocation and expected commencement of conditional dealings - 25 July 2007
Admission and expected commencement of unconditional dealings - 30 July 2007
CREST accounts credited in respect of DIs - 30 July 2007

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