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All Leisure Group to float – 1 June 2007

All Leisure Group plans to float on the London Stock Exchange’s Alternative Investment Market (AIM) to raise around £30 million.


The group, which includes cruise operators Voyages of Discovery and Discover Egypt, is seeking a listing to expand its product offering and purchase or lease extra ships in a growing cruise market.


The intended floatation will be by placing new and existing ordinary shares in the company with institutional investors.


Of the £30 million raised, £10 million will be new money, with a likely capitalisation of £80 million.


Chairman Roger Allard said: “Our decision… is to enable us to pursue more vigorously the strategy of expanding our quality cruise offering in what is a fast growing market.”


The group owns cruise ship Discovery and will lease a second ship Explorer II from November for six and a half years.


Blue Oar Securities has been appointed the nominated adviser and broker to the company, which is an ATOL and Abta bonded operator.

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