Staff to benefit as Promethean is valued at 400m after stock market flotation
Paul Milligan, March 22, 2010
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Interactive whiteboard manufacturer Promethean has floated on the London Stock Exchange, placing the company’s value at 400 million. The company’s 800 staff will share nearly 3 million in cash bonuses following the move, including 90 senior management who have been given 5.7m of shares.
Its founder, Tony Cann, owns 55 per cent of the business, which is now valued at around £220m.
In a statement released by the company it states, ‘We believe that a flotation is the next natural step in the development of our business. This important milestone will help to increase Promethean’s visibility, presence and reputation, helping us to further capitalise on the huge market potential for interactive learning technology products across the world.
Although we are now a public company we do not envisage that there will be any material changes to the business itself. Our goals and ambitions remain the same.’
Employees will receive, on average, a payout of £3,500. In addition employees with more than 12 months service, excluding board members and senior managers, will receive a cash gift of £1,000 for each full year of their employment.
Chief-executive Jean-Yves Charlier said; ‘The signal we are sending out is that everyone can benefit from our success, and we believe that what we have achived to date is only a fraction of what we can achive in the future.’
Shares in the company were listed at 200p, and closed on the first day of sale at 193p.
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