Fairfield Energy pulls floatation
Fairfield Energy, the private equity owned North Sea oil company, has today confirmed that its £300 million stock market listing has been shelved. This comes only hours after rumours began circulating the market that the fund raising was experiencing difficulties and may indeed be pulled today. So where does this leave other new issues planned for the UK market?
Speculation has now shifted towards Ocado, the Internet grocer, which is in the midst of a £1 billion flotation on the UK market. Again, there was speculation yesterday that the management of the online grocer were looking to meet sometime this week to discuss the floatation amid indications, albeit unofficial, that the float may also be postponed.
It is not the fact that these companies coming to the UK stock market lack any credibility or any value it is simply the fact that many investors are very concerned about the UK economy in the short to medium term. Massive budget cuts are on the way, taxes will rise and this is set against problems in the European Union were Greece and Portugal in particular are experiencing significant financial issues. Against this background, it is difficult to say when the UK new issues market will make a comeback.
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