Litigation funder Vannin Capital has postponed plans to float on the London Stock Exchange just a month after announcing its listings ambitions along with a high-profile appointment. The company blamed volatility in global stock markets, which have fallen sharply amid worries of a US-China trade war.
Chief executive Richard Hextall said in a statement: 'Although the investor roadshow generated strong indications of support from a high-quality group of institutions, management have concluded that the volatility experienced in the equity market in the last two weeks has led to conditions that are not conducive to an IPO, and that Vannin would be best served by postponing its proposed listing.'
Hextall said a future float was still on the cards. 'Vannin is in an enviable position. We have an extremely capable and well-respected team, significant capital available through our existing resources, forward visibility over a substantial pipeline of growth, and a leading position in a rapidly growing market. We are under no pressure to list the company in the near term and prefer to wait until market conditions are more suitable.'
Vannin, set up in 2010, last month announced its ambitions for a £70m listing in October. It appointed as chairman of David Morley, former senior partner at Allen & Overy, to oversee the flotation, which would have valued the business at £1bn.
Earlier this week the High Court threw out a major representative action against Google supported by guarantees of £15.5m from litigation funder Therium Capital Management.