Home lender SHIP in €19.7m AIM flotation

Specialist home lender Shared Home Investment Plan (SHIP) is to float on London's Alternative Investment Market (AIM) in a transaction valuing it at €19.7 million. SHIP will make the move in a reverse takeover of the AIM-listed Ardent Group plc.

Ardent will acquire the entire share capital of SHIP for €19.7 million, subject to the approval of both companies' shareholders.

The terms of the deal mean that Ardent will acquire all the shares in SHIP, and SHIP will then become the business of Ardent.

SHIP's shareholders have until April 24th to accept the deal. Ardent's shareholders will then be given the opportunity to vote for the deal at an extraordinary general meeting (egm).

Once the deal is completed, the newly-floated company will have a market capitalisation of €24.7 million. The company will change its name to Seniors' Finance plc and SHIP's chief executive will take that role and that of chairman in the floated business.

SHIP provides mortgages and equity release financial products for people aged over 60 in Ireland. Mortgage releases products are loans that allow homeowners to realise some of the value, or equity, in their properties.

Billy Kane, a former chief executive of Irish Permanent, founded SHIP, which began trading in September 2003.

Commenting on the deal yesterday, Mr Kane said that the proposed listing was a natural development for the business, which he said had grown strongly over the last two years.

"The AIM listing will underpin our growth over coming years and will facilitate further development of our business," Mr Kane said.