Computacenter founders Philip Hulme and Peter Ogden will lose their-founders stake shrinking. Wale Azeez reports. majority stake in the reseller when it finally announced its intention to float on the London Stock Exchange next month.
The two, who currently hold 26 per cent each, will reduce their stakes by an undisclosed amount when the reseller, valued at about #900 million, goes to the market in May.
According to CEO Mike Norris, Hulme and Ogden will retain less than 50 per cent between them. 'Their holdings will be less than 25 per cent each. But they won't be the largest sellers in the flotation,' he said.
Computacenter will float a minimum 25 per cent, but Norris added it may sell more. Other sellers will include venture capitalists Apax Partners and Foreign & Colonial which own 22 per cent and seven per cent respectively, as well as employees and ex-employees with about 18 per cent.
Norris dismissed the idea that the balance of power would change in terms of the founders' voting rights, despite the fact that their stakes would slip below the majority holding. He said the float was directed at institutions rather than the open market.
'In my fourteen years at Computacenter, I've never seen it go to a vote yet. Besides, if an issue does go to a vote, you know the argument has already been lost,' he remarked.
He insisted the flotation was not to raise money for acquisitions. 'We are floating because we want to provide liquidity to our shareholders.
While we don't rule out the possibility, we are not actively seeking acquisitions.
We are extremely conservative with our money,' he said.
Infrastructure provider says international sales now make up 51 per cent of its revenue
Suzanne Chappell of TMS plans sailing venture after selling Oxfordshire-based TMS to acquisitive Chess
Withdrawal of credit insurance by some providers a 'reflection' of current challenge facing IT sector, according to MD Steve Soper
SMART's UK managing director joins Lenovo to boost SMB business