Slaughter and May advised Virgin Financial Investments Limited as selling shareholder on the initial public offering of Virgin Money Holdings (UK) plc (Virgin Money).

The offer was priced at 283 pence per ordinary share, resulting in a total market capitalisation at the commencement of conditional dealings of approximately £1.25 billion. The offer is expected to raise total gross proceeds of approximately £312 million (assuming no exercise of the over-allotment option). Virgin Money will receive approximately £150 million of gross proceeds from the offer. The selling shareholders, including Virgin Financial Investments Limited, will receive total gross proceeds of approximately £162 million. Admission to the premium segment of the Official List and to trading on the main market of the London Stock Exchange are expected to take place at 08.00 on 18 November 2014.

CONTACTS

Corporate and Commercial: Gavin Brown (partner), Kurt Ma (associate); Tax: Dominic Robertson (partner), Felicity Mithen (trainee).