Shearings pulls plug on float plan
13 April 2012
A COLD wind is blowing through the market for company flotations after coach operator Shearings abandoned plans for a £50 million float just days before the shares were due to be priced.
Chief executive John Slatcher said institutions 'remain extremely cautious about the initial public offering market'.
Last week British fuel cells maker Intelligent Energy pulled its £200 million float on the Alternative Investment Market.
Back in 2001 Shearings abandoned plans to sell the company less than a month after putting itself on the market for about £130m. It believed buyers would stay away following the US terror attacks.
