Share Home Investment Plan plc (SHIP) is to join the Alternative Investment stock market in London. The company is a specialist mortgage provider for seniors and was founded by former Irish Permanent chief executive Billy Kane.
The listing will be secured by means of a reverse takeover of AIM listed Ardent Group. Ardent said this morning that is has agreed to buy the entire issued share capital of SHIP for €19.7m. This is conditional on 100% acceptance by SHIP shareholders by April 24, and the approval of an Ardent EGM.
On completion of the deal, it is proposed to change the name of Ardent to Seniors Finance, to reflect the business focus of the company. Billy Kane will be Chairman and CEO of the firm.
SHIP started trading in September 2003 and is a specialist provider of lifetime mortgages and other home equity release products for people over the age of 60 in Ireland. Equity release is the generic term used to describe financial products that allow homeowners to realise some of the ownership value in their property.
Mr Kane said today that the proposed AIM listing is a natural development for the company. 'We've enjoyed strong growth over the last two years. The AIM listing will underpin our growth over the coming years and will facilitate further development of our business,' he added.
