The attention of around 75 employees of Elgin-based housebuilder Springfield Properties will be firmly focused on the London Stock Exchange this morning.
The company’s executive chairman, Sandy Adam, has said he expects the staff, mainly from Moray, who have invested in the firm over the past decade to “do very well” after its shares start trading on the Alternative Investment Market (AIM) today.
Mr Adam, whose grandfather founded the firm as a market gardening business, was due to take part in a brief ceremony at the Stock Exchange at 8am to mark its admission to the AIM at the start of the first day of dealing on its shares.
He and other members of the company’s senior management have spent a “hectic” month in the City, meeting more than 50 financial institutions to raise £25million ahead of the flotation. Their successful efforts have seen Springfield capitalised at £87million, considerably more than original estimates, which were understood to have been between £55million and £65million.
Mr Adam said he was “very proud” to have been able to float a Moray company on the Stock Exchange. He added: “I am delighted that we have been able to bring £25million of investment into Scotland. This will support an increase in the number of homes we build and create new jobs.
“The level of support shown by our new investors on our admission to AIM is gratifying. It is a real endorsement of the work our employees have put into building a strong and growing business. I would like to thank our new investors for their faith in our company and its staff.”