CHARITIES stand to receive almost #50m when the
Computacenter information technology group is floated later this month.
On the basis of an offer price of 610p, half way between the expected range of 550p and 670p, chairman Philip Hulme will be donating #30.5m and non-
executive director Peter Ogden about #18.6m when they sell part of their holdings.
However, the identities of the beneficiaries are not being divulged until the trustees receive the monies.
Amounts depend in part upon the price at which Computacenter is floated.
Despite these sales the two men will retain a combined holding of 45.6% of the equity which would be worth #476m on the basis of the mid-price.
The flotation is the second largest so far this year on the
London Stock Exchange with a valuation of #1044m which compares with the #1500m or so at which Thomson Travel is being floated, also later this month.
Computacenter was set up in 1981 by Hulme and Ogden and specialises in the supply information technology under the Prism logo. It has three offices in Scotland, at Aberdeen,
Edinburgh and Glasgow, which employ 200 people out of a Europe-wide group total approaching 3400 workers.
The company achieved pre-tax profits last year of #47.1m on turnover of #1133m.
The offering is taking the form of a global offering of 44.3 million shares which is equivalent to 25.9% of the enlarged equity and which is being arranged by
Goldman Sachs.
The issue is targeted at institutions because of cost and also to avoid scaling down applications to non-marketable size.
On the mid-range price of 610p, the company itself will receive #38.5m.
That will be used to help finance a #70m central facility at Hatfield in Hertfordshire.
It is the largest British partner for computer giants including Compaq, IBM, Hewlett-Packard and Toshiba.
Chief executive Mike Norris said that the biggest growth opportunities came from the existing client base by offering them additional services as there are massive advantages of scale.
He is looking for smallish acquisitions, particularly in
Germany.
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