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11/10/2012
5% Rise In Direct Line Shares On Day One Of Trading
Insurance company Direct Line saw a 5% share value increase after Royal Bank of Scotland floated the company on the London Stock Exchange.
The company was valued at £2.63bn when RBS sold 30% for £787m or 175 pence a share.
RBS must sell Direct Line as a European Commission condition for the £45bn of support the UK government gave it after the 2008 financial crisis.
It is understood private investors bought an unusually large chunk of the issue.
The share offering received some 25,000 applications from ordinary retail investors in the UK, and 15% of the shares sold were allotted to them.
The rest of the shares went to large institutional investors in the UK, US and continental Europe.
As well as its own brand, Direct Line Group also owns the Churchill and Privilege insurance brands, and the Green Flag car breakdown service, and it has more than four million motor insurance customers and a similar number of home insurance policies.
The company is also thought to be considering introducing legal services alongside its insurance products.
(H)
The company was valued at £2.63bn when RBS sold 30% for £787m or 175 pence a share.
RBS must sell Direct Line as a European Commission condition for the £45bn of support the UK government gave it after the 2008 financial crisis.
It is understood private investors bought an unusually large chunk of the issue.
The share offering received some 25,000 applications from ordinary retail investors in the UK, and 15% of the shares sold were allotted to them.
The rest of the shares went to large institutional investors in the UK, US and continental Europe.
As well as its own brand, Direct Line Group also owns the Churchill and Privilege insurance brands, and the Green Flag car breakdown service, and it has more than four million motor insurance customers and a similar number of home insurance policies.
The company is also thought to be considering introducing legal services alongside its insurance products.
(H)
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Northern Ireland WeatherToday:After a dry start this morning rain will spread from the northwest across all parts. This afternoon will be dull with some patchy rain and drizzle. Becoming much milder through the afternoon. Maximum temperature 11 °C.Tonight:A cloudy evening and night with a little light rain or drizzle, perhaps some clear periods developing along the east coast. A very mild night everywhere. Minimum temperature 10 °C.
