REC Record Plc

RNS Number:6467I
Record PLC
28 November 2007



NOT FOR PUBLICATION, DISTRIBUTION OR RELEASE IN OR INTO THE UNITED STATES OF
AMERICA, CANADA, AUSTRALIA OR JAPAN.



Embargoed until 7am

This announcement is an advertisement and not a prospectus and investors should
not subscribe for or purchase any shares referred to in this announcement except
on the basis of information in the prospectus expected to be published by Record
plc today in connection with the admission of the ordinary shares in the capital
of the Company to the Official List of the Financial Services Authority and to
trading on the London Stock Exchange plc's main market for listed securities
(the "London Stock Exchange"). Copies of the prospectus will, following
publication, be available from the Company's registered office at Morgan House,
Madeira Walk, Windsor, Berkshire, SL4 1EP and from the offices of Macfarlanes,
10 Norwich Street, London EC4A 1BD.



28 November 2007


                                   RECORD plc
(the 'Company', the Company and its subsidiaries being 'Record' or the 'Group')


          ANNOUNCEMENT OF OFFER PRICE AND APPLICATION FOR LISTING ON THE 
                             LONDON STOCK EXCHANGE


Record plc, a specialist currency investment manager and provider of currency
hedging services for institutional clients, today announces the price (the
'Offer Price') of its initial public offering of ordinary shares (the 'Ordinary
Shares') to certain institutional investors in the United Kingdom and elsewhere
outside the United States (the 'Offer') and its application for the Ordinary
Shares to be admitted to listing on the Official List of the UK Financial
Services Authority and to trading on the London Stock Exchange's main market for
listed securities ('Admission').


JPMorgan Cazenove Limited ('JPMorgan Cazenove') is acting as sponsor to the
Company and sole bookrunner and broker in relation to the Offer.


Highlights of the Offer


* Offer Price of 160 pence per Ordinary Share.


* Based on the Offer Price, the market capitalisation of the Company at the
  commencement of dealings will be approximately #354 million.

* The Offer comprises 55,345,200 existing Ordinary Shares (excluding any
  exercise of the over-allotment option), which represents approximately 25
  per cent. of the Company's issued share capital.

* The gross proceeds of the Offer are expected to be approximately #88.6
  million (before any exercise of the over-allotment option). The Company will
  not receive any proceeds from the Offer.

* The selling shareholders (the 'Selling Shareholders') have granted an 
  over-allotment option to JPMorgan Cazenove in connection with the Offer which 
  may result in the sale of additional shares up to a maximum of 10 per cent. of 
  the total number of shares comprised in the Offer at the Offer Price.

* Conditional dealings are expected to commence on the London Stock Exchange at 
  8.00am today under the ticker symbol REC. Admission to the Official List of 
  the Financial Services Authority and commencement of unconditional dealings is 
  expected to take place at 8.00am on 3 December 2007.



Commenting on today's announcement, Neil Record, Chairman and Chief Executive
Officer, Record said: "We are delighted that we have successfully completed our
IPO in this challenging market environment. We will continue to focus on
building our business in managing currency for absolute return both in the UK
and overseas and we look forward to updating our shareholders on our progress".



For more information contact:


Record plc Tel:                                             + 44 (0)1753 852 222
Neil Record, Chairman and Chief Executive Officer
Peter Wakefield, Chief Operating Officer
Mike Timmins, Chief Financial Officer


JPMorgan Cazenove Tel:                                       +44 (0)20 7588 2828
Nick Garrett
Laurence Hollingworth
James Wood-Collins


Hogarth Tel:                                                 +44 (0)20 7357 9477
Nick Denton
Julian Walker



Notes to Editors


Background to Record plc


Record plc is a specialist currency investment manager and provider of currency
hedging services for institutional clients. Founded in 1983, Record has
established a market leading position as a currency asset manager. Specifically,
the Group has a leading position in managing currency for absolute return for
institutional clients, a new asset class which the Directors expect to continue
to increase in popularity with institutional investors, including defined
benefit pension schemes, both in the United Kingdom and overseas.


The Group has three principal product lines:


-        currency for absolute return, in which Record enters into currency
         contracts for clients with the objective of generating positive 
         returns;

-        active hedging, where Record seeks to eliminate the impact of currency
         movements on elements of clients' investment portfolios that are 
         denominated in foreign currencies when these movements are expected to 
         result in an economic loss to the client, but not to do so when they 
         are expected to result in an economic gain; and

-        passive hedging, where Record seeks to eliminate fully the economic
         impact of currency movements on elements of clients' investment 
         portfolios that are denominated in foreign currencies.


Record managed $54.7 billion in assets under management equivalents ("AuME") as
at 30th September 2007. Of this total, $28.5 billion was in respect of currency
for absolute return, $4.2 billion in respect of active hedging and $18.6 billion
in respect of passive hedging. As at 30th September 2007, Record also managed
$3.4 billion of client cash and futures positions held by clients' custodians
and/or banks to support currency management activity for those clients.


For the year ended 31st March 2007, Record had revenue of #35.2 million and
operating profit of #19.4 million. For the six months ended 30th September 2007,
Record had revenue of #42.6 million and operating profit of #26.2 million.


Any allocations under the Offer will be conditional on Admission. All dealings 
on the London Stock Exchange between commencement of conditional dealings and 
the commencement of unconditional dealings will be on a 'when issued' basis.  
If the Offer does not become unconditional, all such dealings will be of no 
effect and any such dealings will be at the sole risk of the parties concerned.


In connection with the Offer, JPMorgan Cazenove, acting as stabilising manager,
may, for stabilisation purposes, over-allot shares up to a maximum of 10 per
cent. of the total number of shares comprised in the Offer. For the purposes of
allowing JPMorgan Cazenove to cover short positions resulting from any such
over-allotments and/or from sales of shares effected by it during the
stabilising period, the Selling Shareholders will grant to it an option (the
'Over-allotment Option') pursuant to which, JPMorgan Cazenove may require such
Selling Shareholders to sell additional shares up to a maximum of 10 per cent.
of the total number of shares comprised in the Offer at the offer price. The
Over-allotment Option is exercisable in whole or in part, upon notice by
JPMorgan Cazenove, for 30 calendar days after the commencement of conditional
trading of the shares on the London Stock Exchange. Any shares sold by such
Selling Shareholders following the exercise of the Over-allotment Option will be
sold on the same terms and conditions as the shares being sold and issued in the
Offer and will form a single class for all purposes with the other shares.


In connection with the Offer, JPMorgan Cazenove, as stabilising manager, or any
of its agents, may (but will be under no obligation to), to the extent permitted
by applicable law, over-allot or effect other transactions intended to enable it
to support the market price of the shares at a level higher than that which
might otherwise prevail in the open market. The stabilising manager is not
required to enter into such transactions and such transactions may be effected
on any stock market, over-the-counter market or otherwise. Such stabilising
measures, if commenced, may be discontinued at any time and may only be taken
during the period from commencement of conditional trading of the shares on the
London Stock Exchange and ending no later than 30 days thereafter. Save as
required by law or regulation, neither the stabilising manager nor any of its
agents intend to disclose the extent of any over-allotments and/or stabilisation
transactions under the Offer.



This announcement constitutes an advertisement within the meaning of the
Prospectus Rules of the Financial Services Authority ("FSA") and is not a
prospectus. This announcement does not constitute or form part of any offer of
securities, or constitute a solicitation of any offer to purchase or subscribe
for securities. Investors should not purchase shares in the Company except on
the basis of information contained in the Prospectus which it is intended will
be approved by the FSA in accordance with the Prospectus Rules made under
section 73A of the Financial Services and Markets Act 2000 in connection with
the Offer and any supplement to that Prospectus. The Prospectus will contain
detailed information about the Company and its management as well as financial
statements and other data.


No representation or warranty, express or implied, is made or given by or on
behalf of the Company, JPMorgan Cazenove or any of their respective affiliates
or any of such person's directors, officers or employees or any other person as
to the accuracy, completeness or fairness of the information or opinions
contained in this announcement and no responsibility or liability is accepted by
such persons for any such information or opinions.


This announcement and the information contained herein is not for publication,
distribution or release in, or into, directly or indirectly, the United States,
Canada, Australia, Japan or to US persons. The information contained herein does
not constitute an offer of securities for sale in any jurisdiction, including in
the United States of America, Australia, Canada or Japan.


This announcement, for which Record and its directors are solely responsible,
has been approved by JPMorgan Cazenove solely for the purpose of section 21 of
the Financial Services and Markets Act 2000.


JPMorgan Cazenove, which is authorised and regulated in the United Kingdom by
the Financial Services Authority, is acting for Record and no one else in
connection with the proposed Offer and will not be responsible to any other
person for providing the protections afforded to their respective clients or for
providing advice in relation to the Offer.


This announcement does not constitute a recommendation concerning the Offer. The
value of securities can go down as well as up. Past performance is not a guide
to future performance. Potential investors should consult a professional adviser
as to the suitability of any Offer for the individual concerned.


The securities under the Offer are not being registered under the United States
Securities Act of 1933, as amended and may not be offered or sold in the United
States absent registration or an exemption from registration. No public offering
of securities of the Company is being made in the United States.


This announcement includes forward-looking statements which are or may be deemed
to be "forward-looking statements" . These forward-looking statements can be
identified by the use of forward-looking terminology, including the terms
"targets", "believes", "estimates", "anticipates", "expects", "intends", "may",
"will" or "should" or, in each case, their negative or other variations or
comparable terminology. By their nature, forward-looking statements involve
risks and uncertainties because they relate to events and depend on
circumstances that may or may not occur in the future. Forward-looking
statements are not guarantees of future performance and actual events or results
may differ materially. The Company does not intend to update these statements to
reflect events or circumstances occurring after the date hereof or to reflect
the occurrence of unanticipated events. Many factors could cause the actual
results to differ materially from those contained in projections or forward
looking statements of the Company, including risks specifically related to the
Company and its operations.






                      This information is provided by RNS
            The company news service from the London Stock Exchange

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