Text 100 reveals its plans to float on OFEX

nullText 100 is to become the first hi-tech agency to go public with a listing on the OFEX market next month.

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

Delhi.



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.



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