Leading Telephone switching systems distributor National Telecommunications Plc is seeking a quotation on the full list of the London Stock Exchange via an offer for sale of 9.25m shares – 37.5% of the enlarged equity – at 120 pence per share. The offer, which is being handled by Barclays de Zoete Wedd Ltd, values National Telecommunications at UKP29.7m and there will be 24.7m shares in issue after the float. The company distributes telephone switching systems and equipment for the small business sector and markets its own range of hybrid PABXs under the London brand name. In 1984 the group raised finance from Advent and Alan Patricof Associates to finance marketing of the PABX and expand the group. Turnover rose to UKP19.5m in the year ending March 31 1988, against UKP600,000 in 1984, with pre-tax profits rising to UKP2.9m against losses in the years from 1984 to 1986, due primarily to investment in product development. The directors say they hope to take advantage of the growth opportunities created by the continuing liberalisation of overseas markets and British Telecom’s declining share of the domestic equipment market. They see the listing as a means of raising new capital for acquisitions and expansion overseas. Application forms must be in by 10.00am on Thursday, July 14 1988. The basis of allocation should be announced the following day and dealings in the shares are due to start on Friday, July 22.
