Network Data aims to float on the Stock Exchange between September next year and May 2005 in a bid to raise around £2m of capital, according to managing director Richard Griffiths.
Griffiths said the move was not fuelled by any personal desire to cash-in and leave the company, but was a way forward for both staff and intermediaries as it will provide them with a realisable interest in the company. Intermediaries will be given share options relative to the amount of business they have placed.
Before the stock market will consider a floatation, Griffiths said Network Data needs to gain principal status from the Financial Services Authority, and prove it can attract intermediaries as appointed representatives. As such, a float before the autumn of next year is unlikely. A close eye will be kept on the Misys floatation of its rebranded Sesame operation due next year, and Griffiths said he would be monitoring the reaction it received from the market closely, and may look to slip stream behind its launch if it proved successful.
Griffiths said operating as a public company would provide challenges but not be a problem. He said: “The reporting requirements are a bit of a burden, but come as part of the plan. I have no intention of pandering to the short-term analyst views. It is a question of running the business and not supporting the share price.”