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February 15, 1999

SYNSTAR TO FLOAT ON LONDON MARKET

By CBR Staff Writer

UK IT services company Synstar has published its pathfinder prospectus for its London Stock Exchange IPO next month. The company will place 87 million ordinary shares, at an expected price of between 1.55 and 1.85 pounds, to raise a minimum of 135m pounds. Dealings are expected to commence on March 5. Synstar was spun out of the Granada Group Plc in 1997 via a management buy-out of its Granada Computer Services International arm, and made net income of 9.4m pounds in the year to September 30 1998 on revenues of 164.4m pounds. The majority of the proceeds of the flotation will be used to repay debt from the MBO.

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