Jones Lang LaSalle will consider issuing new shares in conjunction with a dual listing on the London Stock Exchange this year, chief financial officer Bill Sullivan said this week.
The move could attract European investors into the company, which is quoted in New York, and make its shares easier to trade.
Sullivan said he intends to review the feasibilty of obtaining a secondary UK listing during the summer. If JLL decides to go ahead, it is likely to issue new shares. “A listing only makes sense if you can generate free float,” he said. JLL employees own about 70% of the company.
Sullivan was speaking after JLL posted a loss for the first three months of this year, as predicted before US-based LaSalle bought Jones Lang Wootton in March. JLL reported a $51.1m loss in the first quarter of 1999. This includes $7.8m of advisers’ fees and $46.2m of other merger-related expenses that La Salle flagged up before the deal took place.
The acquisitions of JLL and facilities manager COMPASS make comparisons with the previous year meaningless.
Stuart Scott, chairman and chief executive, said the firm typically reports a sizeable loss in the first quarter and makes most of its profits in the final quarter because of the seasonal nature of property transactions.
EGi News 17/05/99
Do you have a comment about this story? Send a note to the editor.
