August 18, 2009 / 10:32 AM / 11 years ago

NewRiver revives suspended IPO at fraction of value

LONDON (Reuters) - Opportunistic property investment firm NewRiver Retail said on Monday it would list in September with a capitalisation of 25 million pounds, two months after suspending a planned 250 million pounds float.

NewRiver expects its shares to be admitted to London’s Alternative Investment Market on September 1, it said in a statement. The shares would also be admitted to the Channel Islands Stock Exchange.

Its nominated advisor is Merrill Lynch International (BAC.N).

“NewRiver Retail intends to identify opportunities ... to deliver added value and generate returns for shareholders through capital and rental income growth, active and entrepreneurial asset management and recycling of assets,” NewRiver said in the statement.

On June 26, a NewRiver spokeswoman told Reuters the company was reviewing its options after postponing its initial public offering, which was arranged by Merrill Lynch.

The suspended float was poised to be the biggest new listing in Europe so far this year.

NewRiver Retail is led by real estate market veteran David Lockhart and is chaired by former Merrill Lynch banker Paul Roy.

Lockhart is best known in the UK property industry for selling off his former AIM-listed property firm Halladale to Australia’s Stockland Group (SGP.AX) in 2007, close to the British property market peak.

Reporting by Andrew Macdonald; Editing by Simon Jessop

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