The London initial public offering of fresh-food preparer Bakkavor Group, pulled only a week ago, is back on track.
The company agreed to go ahead with the deal at a lower price than it previously targeted, according to sources.
The company said Friday it plans to sell shares set at 180 pence each, which would give it a market capitalisation of £1.04 billion pounds (US$1.37bn).
A week ago, Bakkavor said it would not proceed with the offering, joining UK communications-infrastructure provider Arqiva Group in scrapping an IPO amid volatility in the London market.
Bakkavor previously set 195 pence a share as the bottom-end of its target IPO price range, according to a person familiar with the matter, who asked not to be identified
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Read more:
London IPO market hit as Arqiva and Bakkavor pull floats
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The company revived its IPO plans after being approached by a number of institutional investors, the person added.
Bakkavor supplies UK grocers with salads, desserts, pizza and other prepared meals and has benefited from growth in fresh foods as consumers seek healthier diets.
Customers include Tesco and Marks & Spencer Group. The offer represents a stake of about 25 per cent of the company, which is controlled by Icelandic siblings Agust and Lydur Gudmundsson.
Trading will start on November 16, the company said.
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Key changes
Commission caps
For life insurance products with a savings component, Peter Hodgins of Clyde & Co said different caps apply to the saving and protection elements:
• For the saving component, a cap of 4.5 per cent of the annualised premium per year (which may not exceed 90 per cent of the annualised premium over the policy term).
• On the protection component, there is a cap of 10 per cent of the annualised premium per year (which may not exceed 160 per cent of the annualised premium over the policy term).
• Indemnity commission, the amount of commission that can be advanced to a product salesperson, can be 50 per cent of the annualised premium for the first year or 50 per cent of the total commissions on the policy calculated.
• The remaining commission after deduction of the indemnity commission is paid equally over the premium payment term.
• For pure protection products, which only offer a life insurance component, the maximum commission will be 10 per cent of the annualised premium multiplied by the length of the policy in years.
Disclosure
Customers must now be provided with a full illustration of the product they are buying to ensure they understand the potential returns on savings products as well as the effects of any charges. There is also a “free-look” period of 30 days, where insurers must provide a full refund if the buyer wishes to cancel the policy.
“The illustration should provide for at least two scenarios to illustrate the performance of the product,” said Mr Hodgins. “All illustrations are required to be signed by the customer.”
Another illustration must outline surrender charges to ensure they understand the costs of exiting a fixed-term product early.
Illustrations must also be kept updatedand insurers must provide information on the top five investment funds available annually, including at least five years' performance data.
“This may be segregated based on the risk appetite of the customer (in which case, the top five funds for each segment must be provided),” said Mr Hodgins.
Product providers must also disclose the ratio of protection benefit to savings benefits. If a protection benefit ratio is less than 10 per cent "the product must carry a warning stating that it has limited or no protection benefit" Mr Hodgins added.
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