Text 100 is to become the first hi-tech agency to go public with a
listing on the OFEX market next month.
Scheduled for 11 March, the float will see 20 million shares in Text 100
Group released onto OFEX with an introductory price of 30 pence per
share.This will value the company at pounds 6 million. Four per cent
will be available to private investors.
Equity in Text 100 is currently held by its eight directors and other
members of staff through an employee share ownership plan. Founders Tom
Lewis and Mark Adams - chairman and chief executive respectively -
retain the majority at around 25 per cent each.
Group managing director Tim Dyson explained that the primary purpose of
the flotation was to motivate and reward staff.
Employees awarded share options would, he said, be able to track the
daily value of their stake in the company.
He added that the OFEX listing could also act as a stepping stone to a
full listing on the stock exchange and open the door to additional
funding, if required.
The float comes as little surprise to the industry. Text 100 has made no
secret of its global ambitions and over the last three years it has
opened a string of international offices stretching from Seattle to
It is also the UK’s biggest hi-tech agency. In the year to July 1996,
profits reached pounds 1 million on turnover of pounds 9.3 million.