News 2004
Virgin Mobile to seek a listing on the London Stock Exchange in July
30/06/2004
Not for release, publication or distribution in, or into, the United States, Canada, Australia or Japan
London; 30.06.04: Virgin Mobile Holdings (UK) Limited (“Virgin Mobile”), the UK’s largest mobile virtual network operator (MVNO), today announced its intention, subject to market conditions, to seek a full listing of its shares on the London Stock Exchange and proceed with a global offering of existing shares by a member of the Virgin Group of companies (the "Global Offer").
It is intended that the Global Offer will be completed before the end of July and that shares will be sold to institutional investors in the UK and internationally. All Virgin Mobile employees who have worked for the company for more than a year will also receive a gift of free shares following the listing. Full details of the structure of the Global Offer will be included in listing particulars due to be published in July. J.P. Morgan and Morgan Stanley will act as joint global co-ordinators, joint bookrunners and joint sponsors of the Global Offer and J.P. Morgan, Morgan Stanley and Investec Securities intend to act as underwriters.
Launched in November 1999, Virgin Mobile has become one of the UK’s major providers of mobile communications services. Virgin Mobile has acquired approximately 4.1 million customers, and is the UK’s largest MVNO.
Virgin Mobile also announces that Charles Gurassa has joined its Board as Chairman. Sir Richard Branson is expected to become the Honorary President of Virgin Mobile upon listing. Caroline Marland, Rupert Gavin and David Maloney have also joined the Board as non-executive directors.
Mr Gurassa, 48, has more than 25 years of management experience in the retail, leisure, airline and travel industries. Most recently he was Executive Chairman of TUI Northern Europe, and prior to that he was Group Chief Executive of Thomson Travel Group plc, responsible for brands including Thomson Holidays, Lunn Poly and Britannia Airlines. Mr Gurassa spent 10 years at British Airways, and began his career at Thomas Cook. He is also a non-executive director of leisure company Whitbread Group PLC and a trustee of the charity Whizz-Kidz.
Caroline Marland, 58, was Managing Director of Guardian Newspapers from 1994-2000. During her 24 years at the newspaper group she held a series of management roles including Deputy Managing Director, Advertisement Director and Classified Sales Manager. Currently a non-executive director of Burberry and Bank of Ireland, she was previously a non-executive director of Arcadia Group and Burton Group, a member of the Competition Commission’s Newspaper Panel and a member of the Government Committee on Advertising Standards.
Rupert Gavin, 49, has been CEO of BBC Worldwide since 1998. He previously spent four years at BT, first as Director of Internet and Multi-Media and then Managing Director of its Consumer Division. Prior to this he was Deputy Managing Director of Dixons Stores Group. He is a non-executive director of the Ambassador Theatre Group.
David Maloney, 48, was Chief Financial Officer of Le Meridien Hotels and Resorts from 2002 until January 2004, and previously held the same position at Thomson Travel Group. Prior to this he spent 11 years at Avis Europe plc latterly as Group Finance Director where he led the group through an IPO in 1997 and also as Managing Director of the group’s Spanish subsidiary. His earlier career was with Paramount Pictures Corporation and Mobil Oil Corporation in various operational, financial and general management roles.
Tom Alexander, Virgin Mobile’s Chief Executive Officer, said:
“The flotation of Virgin Mobile is an exciting milestone for the company, its staff and shareholders. Since launch in late 1999, we have created a mobile business with a powerful brand and a commitment to consumer innovation and excellent customer service. Becoming a public company, and increasing our profile, will provide a platform to further grow our business, attract customers, and retain and motivate the great people at Virgin Mobile.”
Sir Richard Branson, Chairman of the Virgin Group of companies, said:
“In less than five years Virgin Mobile has grown from scratch to acquire more than four million customers. I am very proud of what the team has achieved so far and am confident that, following the IPO, Virgin Mobile will go from strength to strength.”
Charles Gurassa, Chairman of Virgin Mobile, said:
“I greatly admire what Virgin Mobile has achieved since its creation. I very much look forward to working with the team at Virgin Mobile to build on the company’s already impressive track record.”
ends
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For more information:
Virgin Mobile
Steven Day
07931 777777
Alison Bonny
07802 430276
Finsbury
James Murgatroyd
Julius Duncan
Don Hunter
020 7251 3801
J.P. Morgan
Ian Hannam
Adam Bagshaw
020 7325 1168
Morgan Stanley
Scott Bruckner
John Porter
020 7425 8000
Investec Securities
Chris Godsmark
020 7597 5000
The contents of this announcement, which have been prepared by and are the sole responsibility of Virgin Mobile, have been approved solely for the purposes of section 21 (2)(b) of the Financial Services and Markets Act 2000 by J.P. Morgan plc of 125 London Wall, London ECY 5AJ and Morgan Stanley & Co. International Limited of 25 Cabot Square, Canary Wharf, London E14 4QA.
J.P. Morgan plc, J.P. Morgan Securities Ltd., Morgan Stanley & Co. International Limited and Morgan Stanley Securities Limited and their respective affiliates are acting for Virgin Mobile and Bluebottle Investments UK Limited and no one else in connection with the Global 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 Global Offer. No offer or invitation to acquire shares of Virgin Mobile is being made by or in connection with this announcement. Any such offer will be made solely by means of listing particulars to be published in due course and any acquisition of shares should be made on the basis of the information contained in such listing particulars. The value of shares 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 offering for the individual concerned.
The securities referred to herein have not been and will not be registered under the United State Securities Act of 1933, as amended (the Securities Act) and may not be offered or sold in the United States (as defined in Regulation S under the Securities Act) absent registration or an exemption from registration, and any offering of securities to be made in the United States will be made by means of listing particulars that may be obtained from Virgin Mobile that will contain detailed information about Virgin Mobile and management, as well as financial statements. No public offering of the shares will be made in the United States.
This announcement does not constitute an offer to sell, exchange or transfer any securities of Virgin Mobile and is not soliciting an offer to purchase, exchange or transfer such securities in any jurisdiction where the offer, sale, exchange or transfer is not permitted or to any person or entity to whom it is unlawful to make that offer, sale, exchange or transfer. This announcement is not an offer of securities for sale in the United States.
This announcement contains certain statements which are or may be deemed to be forward-looking statements. These forward-looking statements involve risks and uncertainties that could significantly affect expected results and are based on certain key assumptions. Many factors could cause actual results to differ materially from those projected or implied in any forward-looking statements. Due to such uncertainties and risks, readers are cautioned not to place undue reliance on such forward-looking statements, which speak only as of the date hereof and are not guarantees of future performance. Virgin Mobile disclaims any obligation to update any forward-looking statements contained herein, except as may be required pursuant to applicable law.
Stabilisation/FSA
Notes to editors:
Virgin Mobile, the UK’s largest mobile virtual network operator, is majority owned by Sir Richard Branson's Virgin Group of companies and uses T-Mobile's network.
In the UK, Virgin Mobile phones are available direct on 0845 6000 600 or on the High Street at approximately 5,000 outlets including Virgin Mobile Specialist Stores, Virgin Megastores, Sainsbury, Tesco, Safeway, Asda, John Lewis, Littlewoods, Argos, The Link, Dixons, Carphone Warehouse, Curry's, Comet, Phones 4 U, TOMO, Woolworths, Toys R Us and Rymans.
Virgin Mobile employs approximately 1,400 staff at three sites, Trowbridge, London and Daventry, and has an outsourced customer service centre operated by approximately 200 staff in Middlesbrough. It has been voted one of the top 50 places to work in Britain for two years running in an annual Financial Times survey.
Virgin Mobile’s customers are considered the most satisfied in the pre-pay sector according to the 2004 UK Customer Satisfaction survey by market researchers J.D. Power and Associates.
