The big boys may be cashing in their chips, but there seems to be no shortage of new property hopefuls entering the stock market lists.
Latest to float on the USM is the East Anglian-based developer Danbury Group. It is placing 3.15m shares — some 31% of its enlarged capital — to raise £3.9m net. The placing price of 135p a share values the company at £13.7m. Danbury’s sponsor, Royal Trust Bank, is injecting an additional £1m of equity.
Formed in 1986, Danbury’s assets consist mainly of its £9.8m collection of development properties, virtually all commercial or residential schemes in Maldon. In the year to end March, pre-tax profits were £1.7m (£131,000). Danbury’s board includes the cofounder and former MD of Anglia Secure Homes, Douglas Moonie, who is Danbury’s executive chairman, and David Reeves, managing director of the private George Philip Properties, as deputy chairman and financial director.
